The Northeast Oregon Alliance is now accepting funding applications for economic and community development projects in Umatilla, Union and Wallowa counties.

The Alliance is a board of volunteers, which manages Oregon Lottery funds set aside for regional investments.

The Alliance has an opportunity fund of approximately $400,000 to invest in projects that will create jobs in the three-county region. Both public and private projects will be considered.

The region expects to invest $5,000 per job created or retained by successful applicants. Financing will be made as either a loan or a forgivable loan.

If a forgivable loan is awarded, the projected jobs must be created within the projected time period, or repayment of the loan will be required. Loan terms will be flexible.

Collateral will be taken as security and personal guarantees will be required.

The Alliance has a two-phase application process. A pre-application and a $100 pre-application fee are required. A committee of Alliance representatives from each county will review pre-applications. There is no pre-application deadline. Pre-applications will be reviewed as they are received.

If a project is selected by the committee for review by the NOA board, a final application will be invited.

The key criteria to be used in selection of projects will be the job creation/retention impact of the project and/or the investment of matching funds in the project. Competitive projects will demonstrate an investment of $5 or more in matching funds for every dollar of regional funds requested.

The Northeast Oregon Economic Development District (NEOEDD) manages the Regional Investment program and provides assistance to applicants.

Information about the Opportunity Fund, including guidelines and application forms is available on-line at the NEOEDD web site at (www.neoedd.org) or contact staff in Enterprise at 426-3598 or 1-800-645-9454.