The following is from Business Oregon:

To support investments in Oregon’s small business ecosystem, Business Oregon has received $29 million through the State Small Business Credit Initiative (SSBCI). These funds will be deployed through business loans, loan guarantees, and equity investments to strengthen existing finance programs and expand access to capital for startups and growing businesses across the state.

This funding marks a significant milestone in Oregon’s ongoing efforts to support innovation, job creation, and economic resilience—especially in communities that have historically faced barriers to accessing capital.

“Oregon’s entrepreneurs are driving innovation and economic growth across every corner of the state,” said Sophorn Cheang, Director of Business Oregon. “This SSBCI investment allows us to deepen our support for small businesses, particularly those in underserved and rural communities, and ensure they have the financial tools and resources needed to grow and thrive.”

The SSBCI program was created by the U.S. Department of the Treasury to help states bolster small business financing. In August 2022, Oregon’s application was approved, securing a total of $83.5 million in federal funding. The $29 million announced today is the second tranche of that allocation.

Business Oregon is actively engaging with capital providers, technical assistance organizations, and community partners to ensure these funds are deployed effectively and equitably. While federal and state regulations guide many aspects of the program, Business Oregon continues to tailor strategies that best serve Oregon’s diverse business landscape.

Special emphasis is being placed on outreach to businesses owned by individuals who have been socially and economically disadvantaged, ensuring that this funding reaches those who need it most.

For more information about the SSBCI program and how to access funding, visit www.oregon.gov/biz/.