The U.S. Department of the Treasury and Oregon Governor John Kitzhaber recently announced the approval of Oregon’s State Small Business Credit Initiative (SSBCI) application and a $16.5 million award to Oregon. The SSBCI funds will help create new private sector jobs and spur an estimated $165 million in additional small-businesses lending in Oregon. The SSBCI program, which supports state-level small-business lending and capital access programs, is an important component of the Small Business Jobs Act President Obama signed into law last fall.
“Over 16,000 jobs have been created in Oregon this year, and we continue to use every tool available to get Oregonians back to work across the state,” Governor Kitzhaber said, announcing the award. “Access to capital is a critical issue for businesses ready to expand in Oregon, and the Small Business Jobs Act funds will help spur investment and job creation in both urban and rural communities.”
Under the Small Business Jobs Act, Oregon can now access $16.5 million in SSBCI funds. Oregon expects to generate a minimum “bang for the buck” of at least $10 in new private lending for every $1 in federal funding. As such, this $16.5 million allocation is expected to support more than $165 million in new private lending in that state.
Business Oregon will use these SSBCI funds to support the Oregon Capital Access Program, the Credit Enhancement Fund, a loan guarantee program, and the existing Oregon Business Development Fund, a direct loan participation program. We also will add three, full-time business finance officers—paid for by the federal funds—to handle the increased volume of lending.
For more information, call Pamela Brunell, 503-986-0172.
