Oregon’s State Small Business Credit Initiative of $16.5 million announced this week doubles the cash on-hand for three funds to help grow small businesses.
Oregon’s State Small Business Credit Initiative of $16.5 million announced this week doubles the cash on-hand for three funds to help grow small businesses.
Officials estimate the money, awarded by the U.S. Treasury as part of the 2010 Small Business Jobs Act, will generate another $165 million in private investment.
“Access to capital is a critical issue for businesses ready to expand in Oregon,” Gov. John Kitzhaber said in a written statement. The federal infusion, he said, “will help spur investment and job creation.”
Business Oregon, the state’s economic development arm, will distribute the money among three of its funds: $10 million to the credit enhancement program that partially guarantees bank loans; $4 million to the capital access program that helps insure risky deals; and $2.5 million to the business development fund that extends direct loans. Business Oregon has at least eight financing programs.
Read more at OregonLive.com.
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