Small Businesses In Oregon Targeted For Millions From Us Treasury

The state of Oregon has received $83.5 million for small businesses. The funds came in from the US Treasury. The influx in federal funding comes from the U.S. Treasury’s State Small Business Credit Initiative, a competitive program that provides seed money with the expectation that private investors will invest $10 for every $1 in federal spending.

Governor Kate Brown said the money will help “tackle systemic barriers to economic opportunity.” Leaders in Oregon decided to make plans to split its $83.5 million between innovative companies in their early stages and small local retail and manufacturing businesses that need help with start-up or expansion costs, Brown said. Two venture capital programs will receive funds according to a Treasury press release.

COVID made leaders think about new ways to find and fund projects to get the economy moving. The American Rescue Plan Act, the $1.9 trillion Covid relief package passed early in President Joe Biden’s tenure, is the first economic stimulus package that Schrader said specifically targets underrepresented and tribal communities to ensure equitable access to aid. Governor Brown said during a press conference that Oregon will use the new federal money to “tackle systemic barriers to economic opportunity.”

Science and technology is front and center. Oregon, which is home to 15% of the nation’s semiconductor workforce, also anticipates benefitting from billions more in federal and private investing as a result of the $280 billion CHIPS and Science Act that Biden signed earlier this month. That finding has some excited about the possibilities.

The Oregon Legislature approved a $200 million jobs bill this year to train women and racial and ethnic minorities in construction, health care and manufacturing. This may be a huge step in preparing people to accept opportunities on the big highway projects such as the I-5 Rose Quarters Improvement Project. That project has a Black construction company (Raimore) as a prime contractor lead by visionary leader Jeff Moreland.