New loan program available to help Oregon’s small businesses
OREGON — A new pilot initiative, called the Small Business Expansion Program, has been unveiled to help small and emerging businesses in Oregon. The program is a $5 million fund that will provide a financing alternative for small businesses, especially those in underserved or disconnected communities.
“Businesses that start and expand in Oregon provide about 70-percent of new jobs here,” said Oregon Gov. Kate Brown. “By connecting small companies with the resources they need to thrive, Oregon is seeding job growth while supporting businesses that might otherwise not have access to these kinds of tools.”
The Small Business Expansion Program will be managed by Business Oregon, the state’s economic development agency. It will be funded by the Oregon Business Development Fund, a long-standing program that provides direct loans to fuel growth at small Oregon companies, such as Face Rock Creamery of Bandon.
Source: Gov. Kate Brown