Bill > HB2890

This bill establishes a new economic development initiative for rural small businesses in Oregon through the Oregon Innovation Council (OIC). The bill defines key terms such as "rural area" (locations outside major urban growth boundaries), "small business" (100 or fewer employees), "seed and start-up capital" (initial financing for business development), and "gap funding" (interim financing until subsequent funding is secured). The OIC is authorized to provide grants from a newly created Oregon Fund for Rural Small Business Development to support small businesses in rural areas, including seed and start-up capital, gap funding, and monetary awards for innovative entrepreneurial solutions. To qualify for grants, businesses must submit proposals demonstrating they will establish operations in rural areas, spend at least half their payroll on rural residents, align with regional business strategies, demonstrate workforce development skills, and integrate with local educational opportunities. The council is instructed to prioritize applicants who establish partnerships with schools, research institutions, and other entities to support innovation and economic development in rural areas. The fund will be financed through donations, legislative appropriations, and other sources, with moneys continuously appropriated to the OIC for grant-making purposes.

Business and Industry

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB2890