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NEOEDD EEIP Matched Savings Program

May 1

What is the NEOEDD EEIP matched savings program?  

Individuals starting a new business or wanting to make investments in an existing business apply to save money in a designated bank account and have those savings matched for investment in their business.  

Once approved for the program, savers can save up to $1,200 which will be matched at a rate of $5 to $1, for a maximum of $6,000 in matching funds. Upon completing all program requirements, both the savings and the match are available to the business owner to pay eligible business expenses. A total of $24,000 of matching funds are available.  

Timeline Overview 

EEIP intake process: Open now 

NEOEDD Matched Savings Application period opens: May 1, 2024 

Saver Enrollment:  First-come-first-served after May 1, 2024, until all matching funds are allocated 

Deadline to complete savings deposits: October 31, 2024 

Deadline to meet program requirements for withdrawal of matching funds: December 10, 2024 

Program Guidelines 

  1. Qualify for EEIP through Reinventing Rural’s intake process at Create Your Account: https://forms.reinventingrural.com/t/aR6zPWGjrnus 
  2. Applicants who rely on Socioeconomic Status as a qualifying EEIP Risk Factor will have to provide proof of household income as part of the EEIP intake process. 
  3. Apply to NEOEDD for EEIP Matched Savings Program and if enrolled, save for at least 3 months, and complete final savings deposit by October 31, 2024 
  4. Complete required free financial education course and business planning course, business plan and 12 months cash flow projection by December 10, 2024. 
  5. Provide program evaluation information to NEOEDD as requested. 

Eligible Uses of Funds: 

  1. Business Assets 
  2. Working Capital 
  3. Marketing 

Ineligible Uses of Funds: 

  1. Travel 
  2. Owner Salary 
  3. Repayment of Debt 

Enrollment 

  1. Complete EEIP intake process at Reinventing Rural  https://www.reinventingrural.com/eeip/ 
  2. After approved for EEIP, apply to NEOEDD Matched Savings Program starting May 1, 2024.  
  3. Request application form [email protected]  
  4. Submit applications to [email protected] or deliver application to Erin Donovan at NEOEDD office (101 NE First St., Enterprise, OR). 
  5. If approved, Saver will complete a Savings Agreement, open a new savings account for deposits to be counted toward earning match funds, and provide an opening statement/receipt to NEOEDD to confirm the savings account has been opened.  

Program Completion Requirements  

To withdraw Matching Funds, Saver must meet all withdrawal requirements by December 10, 2024. These include:  

  1. Complete free NEOEDD-offered business planning class (NOTE – NEOEDD is offering a CO.STARTERS CORE business planning class starting the week of February 5; RSVP at https://neoedd.org/co-starters-core/ ) or work with NEOEDD to explore other classes or business planning technical assistance options.  If culturally/language-specific assistance is needed, NEOEDD may be able to pay fees associated with this assistance. 
  2. Register business in Oregon if using a name other than the full name of the business owner as the business name. If registration is required, but the business is not registered, NEOEDD can help with business registration.   
  3. Complete business plan with one-year cash flow projection and provide to NEOEDD staff for review. 
  4. Complete free NEOEDD-approved financial literacy training. 
  5. Provide a Sources & Uses statement showing how match funds will be used. 
  6. Provide record of savings and savings account balance. 
  7. Establish business bank account if one does not already exist.  
  8. Sign a Capitalization Account Agreement. 
  9. Deposit savings and matching funds into business bank account and provide a deposit receipt to NEOEDD. 

Payment of Matching Funds 

Upon Saver completion of all program requirements, NEOEDD will issue a check for the match amount payable to the business. 

Applicant and Saver Assistance 

NEOEDD staff are available to answer questions and provide support during the application and savings periods, contact [email protected] or call 541 426 3598. 

Details

Date:
May 1

Project Submission Form: Baker, Union, and Wallowa Counties

Please use this form to submit projects for potential inclusion in the Northeast Oregon Economic Development District’s Comprehensive Economic Development Strategy (CEDS). Once projects are included, you can use the CEDS to demonstrate that your project has been listed in a regional plan. Projects should have a positive impact on economic or community development.

To be included in the CEDS, projects must have a public or non-profit sponsor. Private projects should not be submitted and will not be included in the CEDS.

You may submit multiple projects by returning to this page. The space for providing answers will expand. Please rank the projects that you are submitting, with 1 being your first priority, 2 your second priority, and so on.

The NEOEDD board will consider new project additions at their quarterly meetings.