New Business Oregon loan program aims to help businesses grow - KPTV - FOX 12

New Business Oregon loan program aims to help businesses grow

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Business Oregon, the state's economic development agency, is launching a new $250,000 loan program to help small manufactures 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 in a news release. "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."

According to Business Oregon, the state has about 5,300 manufactures, and 75 percent of them have 20 or fewer employees.

When looking to expand, many of these companies do not qualify for traditional loan programs. The Small Manufacturing Business Program seeks to fill that gap for six to 12 companies.  

The program will target trade sector companies in the technology, outdoor gear or wood products industries. Business must have 25 or fewer employees, and the loans will be capped at $50,000.

"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.

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