Small businesses get BOOST

The legislature has instituted a new loan and grant program, called BOOST, aimed at supporting small businesses and creating jobs.

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A new program created by the Oregon legislature seeks to give financial support to small businesses via special loans and grants.

Businesses that create new, full-time jobs will be eligible for grants of up to $2,500 for each new job created.

The loan program is a revolving fund that provides up to $150,000 in fixed-rate financing (prime rate plus 5 percent APR) for up to four years for small businesses with fewer than 100 employees. The money can be used for operating expenses such as rent or mortgage payments, utilities, marketing expenses, and certain fixed assets, including equipment…

The BOOST program is being funded with $5 million from the state’s new Tax Enforcement Program. Of this, $1 million goes to the grant program and $4 million to seed the revolving loan fund.

Read more at the Register Guard.

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