Business Oregon, the state’s economic development agency, is launching a $250,000 loan program to help small manufacturers increase their revenue and grow jobs in Oregon.
“Manufacturing is a cornerstone of Oregon’s economy and delivers family wage jobs around the state,” said Governor 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.
“We’re a state that still makes things and ships them around the world.” said Sean Robbins, Business Oregon’s director. “From semiconductors to wood products to ocean going ships, Oregon’s middle class is fueled by manufacturing.”
Learn more about the program details and qualifications on the Business Oregon website. Please contact your local business development officer for an application.
About the Small Manufacturing Business Expansion Program
It will target traded sector companies that export their products to other states and countries in the technology, outdoor gear or wood products industries. The loans are capped at $50,000 and may be forgiven for companies that meet specific performance goals. To be eligible, companies must have no more than 25 employees and provide at least 50 percent of the project cost from its own resources.
About Business Oregon: Our mission is to grow Oregon jobs, companies and communities.
For more information: Ryan Frank, communications manager, 971-804-2530, ryan.frank@oregon.gov
