- Associated Press - Sunday, June 21, 2015

EUGENE, Ore. (AP) - The city of Eugene says it will start offering loans to artists, businesses and art organizations that often can’t get traditional bank loans.

The Register-Guard newspaper reports (http://is.gd/nssrhj ) that the loan program has been created thanks to a $100,000 anonymous private donation made through the nonprofit Arts and Business Alliance of Eugene and a $50,000 earmark from the city’s business loan fund.

The city says the point is to “encourage creative community collaborations, economic development and dynamic partnerships between arts and businesses.”

Depending on factors such as project size and the amount of money the program has, the six-month to two-year loans are expected to range from $5,000 to $50,000 each, with annual interest rates of about 4 percent to 5 percent.

Loans will be provided for projects that already have some money lined up, or that need new money for infrastructure improvements to fund historical renovations, storefront improvements and events. They will also be offered for fundraising events or performances.

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Information from: The Register-Guard, http://www.registerguard.com

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