Loan insurance provided by Business Oregon enabled Miller Oil to receive a $125,000 line of credit, which allowed the Prineville company to continue operations and retain three full-time jobs.
On September 27, 2010, President Obama signed into law the Small Business Jobs Act (Congressional HB 5297). The bill included a series of proposals for small businesses targeting tax relief and improving access to capital. One component of the Small Business Jobs Act was the State Small Business Credit Initiative.
The Small Business Jobs Act will support at least $15 billion in small business lending through the State Small Business Credit Initiative (SSBCI), strengthening state small business programs that leverage private-sector lenders to extend additional credit. $1.5 billion was allocated to states providing capitalization for state business finance programs. Oregon has been allocated approximately $16.5 million.
Business Oregon identified the following programs to receive capitalization due to the anticipated private investment and leverage they are projected to generate:
The capitalization provided by the SSBCI program through the U.S. Department of the Treasury has provided the opportunity for Business Oregon to enhance some programs. The most notable changes were made to the Credit Enhancement Fund where term loan insurance limits were raised to $2 million and operating line of credit insurance limits were raised to $1.5 million.
Businesses and lenders interested in learning more about individual programs, which programs may help meet their needs, and how to apply should visit the Oregon Finance Program page for more information and applications.
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