Governor Kate Brown today announced a new pilot program to help small Oregon businesses finance their growth.
Small and young companies often struggle to find conventional financing. The Small Business Expansion Program is a $5 million fund that will provide an alternative for small businesses, especially those in under-served or disconnected communities.
“Businesses that start and expand in Oregon provide about 70-percent of new jobs here,” said Oregon Governor 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.
How the loans work: The Small Business Expansion Program provides an alternative to conventional debt and equity financing by allowing businesses to make periodic revenue payments as a percentage of net sales, combined with traditional monthly payments. Business Oregon will begin accepting applications Dec. 1.
To learn how to apply and for details about the program, visit oregon4biz.com/Revenue