Oregon Micro Fund Launches Second Fund Serving Oregon-Based Wineries
October 27, 2020
Oregon Micro Fund, a Portland Oregon, based lender providing accessible loans and practical business coaching, announced a second fund that provides loans up to $250,000 to businesses in rural Oregon that focus on wine, beer, and spirits, as well as other entities that support the industry.
“There is a gap in conventional financing for many small business owners compounded by the fact that what they really need is a strategic partner, not simply a lender,” Quinton Jay, managing director of Oregon Micro Fund said. “Oregon Micro Fund aims to provide financial assistance to as many craft beverage businesses in rural Oregon as possible. We don’t just make a loan—we invest time and resources into the long-term success of entrepreneurs to help strengthen the regional economy.”
The U.S. Department of Agriculture (USDA) Rural Development renewed its investment in Oregon Micro Fund based on the success of OMF’s first fund, which provided economic support to six different projects in rural Oregon. OMF’s latest fund is focused on creating jobs and supporting economic growth in the rural regions in Benton, Douglas, Hood River, Jackson, Josephine, Lane, Linn, Marion, Polk, and Yamhill counties.
Jay, who previously ran business development for Bacchus Capital Management and served as President of Panther Creek Cellars, also operates Bacchus Wine & Spirits in Millbrae, California. He told Wine Business Monthly the fund is a good match for wine companies that are growing but aren’t quite big enough for traditional banks The money can be used for growth, equipment, capital improvements, or other things helping a business go forward. “Since I know the business well, I'm not afraid of the risks that are involved,” he said.
“The year 2020 has been extremely difficult for small wineries and craft beverage entrepreneurs in Oregon, further worsened by the devastating wildfires that have ravaged the state,” Jay said in announcing the fund. “Our goal is to partner with the community and support small business owners by offering loans that can be used for working capital, debt consolidation, growth capital, and more, giving these businesses the opportunity to strengthen operations and, ultimately, to thrive and grow.”
The fund's recent projects range from growth capital for vineyard trellis infrastructure and vineyard farming equipment to winemaking equipment (e.g., crossflow filtration) to distillery inventory growth financing.
Jay said the fund may expand to serve wineries in California and Washington.
To apply for a loan, submit a request to Oregon Micro Fund at Info@OregonMicroFund.com or visit https://www.oregonmicrofund.com/loans.