Posts Tagged ‘Oregon Small Businesses’

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

SALEM – Legislation that builds on the success of the Access to Business Capital Act from the February 2010 Session passed out of the Senate General Government, Consumer and Small Business Protection Committee this afternoon. 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.

The Access to Business Capital Act provides Business Oregon, the state’s economic development agency, more flexibility in administering two important programs: the Oregon Business Development Fund and the Entrepreneurial Development Loan Fund. Since 2010, twenty-six small businesses have received those funds and more than $5 million in loans have been made to Oregon companies. These loans have helped leverage more than $50 million in additional, private-sector project financing, helping to create and retain nearly 300 jobs across Oregon.

“The Access to Business Capital Act has been successful in creating and retaining family-wage jobs during a time of economic stress in Oregon,” said Senator Suzanne Bonamici, the chief sponsor of both the legislation from 2010 and SB 494. “By removing the sunset date and making other small changes to the Access to Business Capital Act, SB 494 will give Business Oregon powerful tools to help businesses—and the people they employ—thrive.”

In the past year, the Access to Business Capital Act has broadened the pool of applicants for loan consideration, expedited the loan approval and processing time, and allowed Business Oregon to fill a larger financing gap per project to respond to the tighter lending criteria that has been imposed on even sound borrowers during the financial crisis.

“It’s been just a year since we passed the original legislation to help Oregon businesses get access to much-needed loan programs,” said Senator Chip Shields, chair of the committee. “In that year, we’ve already seen great success in helping Oregon’s small businesses. SB 494 is the appropriate next step to help more business get access to the capital that will help them grow and create jobs.”

Continue reading “Key Senate Democratic priority to help small businesses grow and create jobs moves out of committee” »

Secretary of State Brown, Senators Courtney and Rosenbaum all testify in support

SALEM – Oregon’s Secretary of State Kate Brown and Senate leaders testified in support of Senate Bill 6 during a hearing of the Senate Business, Economic Development, and Transportation Committee this afternoon. SB 6 is a key piece of the Senate Democrats’ agenda commitment to create a “one-stop shop” for businesses to get up and running in Oregon.

“During times like these, as Oregon begins its economic recovery, we need to make sure we’re doing everything we can to help our small businesses thrive and grow,” said Senate Majority Leader Diane Rosenbaum (D-Portland). “SB 6 is one piece of our work this session to help small businesses, and I truly believe it is meaningful help.”

SB 6 will simplify the online registration process, allow businesses to update and maintain their registration information online, and set the goal of integrating the Secretary of State’s current online registry with local governments’ business registration. This vertical integration with local governments will simplify the current website, saving time for business owners and allowing them to get more done at one time, in one place.

“The organization of government should not stand in the way of any Oregon business,” said Brown. “The Corporation Division’s Central Business registry cuts the red tape and makes starting up a business in Oregon as easy as possible, getting more Oregonians back to work.”

According to the Secretary of State’s Office, there are more than 300,000 active registered businesses in Oregon. There are 110,000 businesses that have employees. Small businesses make up 98 percent of the business here in Oregon.

“The bottom line is this: this bill will make it a little bit easier to start and maintain a business in Oregon,” said Courtney.

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For more information on the Senate Majority Caucus, please visit orsenatemajority.org

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” »