August 23, 2022
Business Oregon, the state's economic development agency, is set to receive as much as $83.5 million through the federal State Small Business Credit Initiative Program, or SSBCI. According to The Oregonian, half the grant will go to programs that support early stage innovative companies, including venture capital and venture debt programs.
The other half will fund programs to support Main Street and small manufacturing businesses with startup and expansion. These programs include a credit enhancement fund to increase lending limits, a construction loan insurance program and a real lender program to help extend the capital of community lenders.
“This investment of federal funds will allow us to make a big leap forward in Oregon’s ability to provide capital for small business owners and entrepreneurs that are historically — and currently — underserved and under-resourced,” said Sophorn Cheang, Director of Business Oregon. “Socially and economically disadvantaged business owners can also use this funding to acquire technical assistance to scale up their business, and leverage additional funding. At Business Oregon, we stand ready to put this funding to work as we continue to support small business growth statewide.”
“This infusion of capital is particularly well-timed for Oregon, given the recent completion of the state’s 10 Year Innovation Plan,” said Jenn Lynch, Chair of Oregon Innovation Council. “We’re grateful for the opportunity to invest in a diverse set of entrepreneurs and businesses in our most promising industries throughout the state. We know that an innovative economy provides higher wages and more business resilience in times of crisis—that’s the vision this program will help Oregon work towards.”
Business Oregon is offering several free webinars about the State Small Business Credit Initiative (SSBCI) program in September. The webinar list is below. Descriptions of the webinar content, registration information, and additional details on plans for this investment can be found on Business Oregon's website.
• September 7, 2022: 9 to 11 AM: SSBCI Overview and Oregon’s Approach
• September 7, 2022 – 2 to 4 PM: Business Oregon Venture Fund Program and Business Oregon Venture Direct Program
• September 8, 2022 – 9 AM to 11 AM: Business Oregon Relender Program and the State of Oregon Loan Loss Reserve Program
• September 8, 2022 – 2 to 4 PM: Oregon Royalty and Angel Loan Program
• September 9, 2022 – 9 to 11 AM: Credit Enhancement Fund
• September 9, 2022 – 1 to 3 PM: SSBCI Technical Assistance Funding