Bill > HB2350

This bill establishes a new financial assistance program through the Oregon Business Development Department to support small businesses in the state. The program will provide loans and grants to eligible small businesses (defined as for-profit businesses with 100 or fewer employees) for business development projects that enhance or expand their operations. Eligible project costs can include tenant improvements, equipment purchases, inventory, employee training, export assistance, and marketing. To qualify, businesses must operate in Oregon, have at least one year of sales history, and either be in the traded sector, make majority sales outside the state, or demonstrate regional economic importance. The department will prioritize projects that promote economic expansion, encourage diversification, support rural economies, and have significant long-term economic impacts. A new Small Business Sustainability Fund will be created in the State Treasury to finance the program, with funding sources including legislative appropriations, Strategic Reserve Fund transfers, earnings, loan repayments, and potential federal or private grants. The financial assistance cannot exceed 70 percent of a project's total eligible costs, and businesses cannot use the funds to retire existing debt. The program will be implemented through specific departmental rules, and the bill will take effect 91 days after the 2025 legislative session adjourns.

Budget and Finance, Business and Industry

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB2350