FOR IMMEDIATE RELEASE
February 4, 2010
Contact: Michael Cox (503) 986-1904
Help on the Way for Oregon Small Businesses
House committee passes bill to expand availability of capital to small businesses
SALEM – A bill that will expand the availability of capital to Oregon small businesses today passed its first legislative hurdle as the House Sustainability and Economic Development Committee voted unanimously in favor of the bill. HB 3605, chief sponsored by Representative Margaret Doherty (D-Tigard), will increase loans through the Oregon Business Development Fund (OBDF) for small business projects in Oregon.
“Small businesses are having a really hard time accessing the capital they need to grow their businesses in this tough economy,” said Rep. Doherty. “This bill will increase access to funds for the small businesses that are the backbone of our economy and the engine of our recovery.”
HB 3605 will allow the OBDF to increase loan amounts, currently limited at 50% of a project’s cost. The bill will also streamline the loan process by increasing the amount of a loan the OBDF Director can approve from $125,000 to $250,000.
HB 3605 now moves to the Joint Ways and Means Committee for consideration. A similar bill championed by Senator Suzanne Bonamici (D-Washington County/Portland), SB 1017, is currently moving through the Senate. Rep. Doherty and Sen. Bonamici have worked closely together on the issue and are expected to merge the two bills.