New loan program helps Oregon manufacturers grow
OREGON — The Small Manufacturing Business Expansion Program has been established to help Oregon’s small manufacturers increase their revenues and create jobs. The $250,000 program is being administered by Business Oregon, the state’s economic development agency.
“Manufacturing is a cornerstone of Oregon’s economy and delivers family wage jobs around the state,” said Gov. Kate Brown. “We must make sure our small manufacturers have the tools to compete globally so they continue to thrive and grow. This program will provide these tools to some who traditionally wouldn’t have access.”
Oregon has about 5,300 manufacturers and 75 percent of them have 20 or fewer employees. When they look to expand, these small companies often don’t qualify for traditional commercial loan programs. The Small Manufacturing Business Expansion Program seeks to fill that gap for six to 12 companies.
Source: Business Oregon Press Release