Oregon’s economic development department – Business Oregon – has launched the state’s new BOOST program to help entrepreneurs interested in forming a company get funding.
The Building Opportunities for Oregon Small Business Today program will provide both loans and grants to small businesses to help create new, full-time jobs. To qualify for either program, small businesses must have 100 or fewer employees and operate in manufacturing, processing or distribution.
The loan program provides four-year loans of up to $150,000 for qualified small businesses. Business Oregon says that the loans can be used to support daily operations, marketing expenses or equipment purchases.
Small businesses which create jobs can also receive grants up of to $2,500 for each full-time job created and kept for six months. Employers must also demonstrate that the new employees are earning a fair wage compared to their coworkers. Proceeds from the grant program are capped at $50,000 a year per employee.
The Portland Business Journal reports that the state legislature created the program during a special session earlier this year. Lawmakers are now considering another special session to deal with a potential $563 million budget shortfall.
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