FOR IMMEDIATE RELEASE

October 28, 2010

Contact: Michael Cox (503) 986-1904

 

 

SALEM – The Oregon Department of Revenue last week transferred $1.15 million to the BOOST Fund, which increases the availability of working capital to Oregon small businesses that create jobs and hire Oregonians to fill them, all without raising taxes.  Oregon House Democrats are committed to continue making Oregon an attractive place to open and grow small businesses.  BOOST is part of that effort. 

 

“The BOOST Fund is already working to help small businesses get back on their feet and put Oregonians back to work,” said House Majority Leader Mary Nolan (D-SW Portland).  “The fund is a great example of House Democrats working together with businesses to get the economy going again.”

 

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.

 

BOOST has already issued three loans totaling $385,000 and ten grants totaling $262,500.  Business Oregon is working with several additional businesses around the state that are likely to be funded before the end of the year.  The fund will quickly become a revolving loan program offering $5 million in capital to small businesses in Oregon.  Small business owners are encouraged to go to www.oregon4biz.com for more information.

 

###