Resources

Who's Received These Funds

Staff Contact

Governor's Strategic Reserve Fund

The Governor's Strategic Reserve Fund (SRF) is a discretionary tool funded by lottery dollars used for a variety of projects impacting economic development, and can be sorted into two different categories. Given the diverse projects supported, each investment will have different requirements. Projects considered for the SRF-funding are typically brought forward by our regional development officers and then put through an extensive internal vetting process, with projects ultimately going to the Governor's desk for final approval.

Job Creation/Retention

Projects in this category are focused on business retention and expansion, tying the award to direct job retention and creation requirements as the primary outcome. Job requirements are required in the performance agreement executed with the company. Then, Business Oregon checks Employment Department data to verify the company, in fact, did what they agreed to do in terms of job creation and retention. The agreements also commonly contain requirements associated with elements like project timeline, first-source hiring agreements, equipment purchase, etc. They will also often include public benefits requirements are to ensure the benefits of our public investments are widely-shared within the community impacted, and encourage a partnership model with the private sector to address economic gaps, inequities, or lack of employment access. All projects undergo a financial review, and there is an evaluation of the return on investment for each project.

Capacity-Building Projects

This category includes projects that invest in broader industry capacity building, actionable research, industry studies, emergency response related to economic development, small business initiatives, etc. Capacity-building projects do not have direct job creation requirements as it is not the primary purpose of the investment, but will have deliverables outlined in the agreements.

Public Benefit Components

All SRF projects now have public benefit components as part of the contract, and tied to loan forgiveness (for forgivable loans).

While the entire project is certainly meant to be a benefit to the public, public benefit components are separate elements of the contract not necessarily tied to the growth of the company, but to the independent benefit of the public such as:

  • Career ladder programs with documented internal hiring targets
  • Targeted job recruitment to underserved populations
  • Adopted diversity, equity, and inclusion plans
  • First-source hiring agreements
  • Contributions to local non-profit organizations
  • and more.

The elements will vary dependent on the business and the community need, and look to leverage existing shared values and goals between the company and the community.