FOR IMMEDIATE RELEASE
February 12, 2010
Contact: Michael Cox (503) 986-1904
House Revenue Passes Bill to “BOOST” Small Business Investment
HB 3698 will make loans or award grants to small businesses that create jobs
SALEM – The House Revenue Committee today passed HB 3698, which creates the BOOST Fund to increase the availability of working capital to Oregon small businesses that create jobs and hire Oregonians to fill them.
“We hear time and time again that the biggest obstacle small businesses face to creating jobs is a lack of access to working capital,” said House Democratic Majority Leader Mary Nolan (D-SW Portland). “This bill is a worthwhile step towards providing that capital for small businesses that are dedicated to creating new full-time jobs in Oregon.”
The bill establishes the Building Opportunities for Oregon Small Business Today Fund (BOOST Fund) and authorizes the Oregon Business Development Department to make loans or award grants to small businesses from the fund. To qualify for BOOST funds a small business must demonstrate a reasonable capacity to increase employment, establish a goal of creating new full-time jobs in Oregon with a reasonable prospect of achieving such goals, and demonstrate a history of providing comparable wages to its employees.
Oregon House Democrats have committed to continue making Oregon an attractive place to open and grow the small businesses that are the backbone of our economy and the engine of our recovery. BOOST is part of that effort.
The bill is supported by Oregon Small Business for Responsible Leadership, a nonpartisan advocacy organization committed to the creation, promotion and preservation of small business that is beneficial to Oregon communities.
HB 3698 now moves to the Joint Ways and Means for consideration.