Posts Tagged ‘Access to Business Capital Act’

SB 494 builds on success of 2010’s Access to Business Capital Act

SALEM – Legislation that builds on the success of the Access to Business Capital Act from the February 2010 Session passed off the Senate floor this morning. By removing the sunset date and making permanent the changes made in February 2010, SB 494 is a key piece of the Senate Democrats’ agenda commitment to remove barriers to loans and capital for Oregon’s small businesses.

“This legislation is a key piece of the Senate Democrats’ work this session to help local businesses access the capital they need,” said Senate Majority Leader Diane Rosenbaum (D- Portland). “The Access to Business Capital Act has created good, family-wage jobs across the state. Continuing this program will only help Oregon’s economic recovery.”

Continue reading “Key Senate Democratic priority will remove barriers to loans and capital for Oregon’s small businesses, create jobs” »

Senate Bill 1017 a major priority for both House and Senate Democrats

Democratic leaders applauded Governor Kulongoski this morning as he signed legislation that gives Oregon small businesses and entrepreneurs greater access to business development funds. Senate Bill 1017, called the Access to Business Capital Act (ABC Act), will help create jobs by making it easier to access capital through the Oregon Business Development Fund and the Oregon Entrepreneurial Development Loan Fund.

Senator Suzanne Bonamici (D-NW Portland/Washington Co.) and Representative Margaret Doherty (D-Tigard) worked together on the legislation, which was a key part of both the House and Senate Democrats’ agendas for the February session.

“The ABC Act helps community businesses by making it easier for them to access small business loan programs,” said Bonamici. “This bill will provide additional flexibility to get money out the door more quickly to companies that need help.”

“Private lenders are not lending funds to small businesses, despite hundreds of billions of dollars in bailouts,” said Doherty.  “This bill will increase access to funds for the small businesses that are the engine of our recovery.”

Business Oregon made the first loan as a result of Access to Business Capital Act just hours after the signing ceremony. Oregon Ballistics Laboratories of Salem received a $160,000 loan to fund a new facility to house the company’s ballasting and protection testing operations. OBL does various types of ballistic and blast protection testing and certification for various products with military, law enforcement and other applications. The firm projects the project will lead to the creation of five new jobs within one year, nearly doubling the company’s workforce. Continue reading “Governor signs legislation that will help small businesses grow and create jobs” »

SB 1017 will allow greater access to two business development funds

Senate Democrats fulfilled a key commitment on their February 2010 Agenda this afternoon by passing legislation that allows greater access to business development funds. Senate Bill 1017, called the Access to Business Capital Act (ABC Act) gives small businesses better access to the capital they need through the Oregon Business Development Fund and the Oregon Entrepreneurial Development Loan Fund.

Senator Suzanne Bonamici (D-NW Portland/Washington Co.) and Representative Margaret Doherty (D-Tigard) worked together on the legislation, which is a key part of both the House and Senate Democrats’ agendas for the February session.

“The ABC Act helps community businesses by making it easier for them to access small business loan programs,” said Bonamici. “This bill will provide additional flexibility to get money out the door more quickly to companies that need help.” Continue reading “Access to Business Capital Act will help create and expand small businesses” »