{"database": "press", "table": "releases", "rows": [["https://bonamici.house.gov/media/press-releases/oregon-receive-835-million-us-treasury-department-promote-small-business-growth", "Oregon to Receive Up to $83.5 Million from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan", "2022-08-19", "2022", "2022-08", "Democrat", "House", "OR", "Suzanne Bonamici", "B001278", "bonamici.house.gov", "bonamici", "https://bonamici.house.gov/media/press-releases", "scraper", "WASHINGTON \u2014 Today, the U.S. Department of the Treasury announced the approval of\n\nOregon's application for funding under the State Small Business Credit Initiative (SSBCI) for up\n\nto $83.5 million. President Biden's American Rescue Plan reauthorized and expanded SSBCI,\n\nwhich was originally established in 2010 and was highly successful in increasing access to\n\ncapital for small businesses and entrepreneurs. The new SSBCI builds on this successful model\n\nby providing nearly $10 billion to states, the District of Columbia, territories, and Tribal\n\ngovernments to increase access to capital and promote entrepreneurship, especially in\n\ntraditionally underserved communities as they emerge from the pandemic. SSBCI funding is\n\nexpected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding,\n\namplifying the effects of this funding and providing small business owners with the resources\n\nthey need to sustainably grow and thrive. State governments submitted plans to Treasury for how\n\nthey will use their SSBCI allocation to provide funding to small businesses, including through\n\nventure capital programs, loan participation programs, loan guarantee programs, collateral\n\nsupport programs, and capital access programs.\n\n\"This is an historic investment in entrepreneurship, small business growth, and innovation\n\nthrough the American Rescue Plan that will help reduce barriers to capital access for traditionally\n\nunderserved communities including those in rural areas,\" said Secretary of the Treasury Janet\n\nL. Yellen. \"I'm excited to see how SSBCI funds will promote equitable economic growth in\n\nOregon and across the country.\"\n\n\"I'd like to thank Secretary Yellen, Deputy Secretary Adeyemo, and the Biden-Harris\n\nadministration for approving Oregon's application and for their support of our business\n\ncommunity,\" said Governor Kate Brown. \"Oregon's SSCBI funds will make meaningful\n\nimpacts for our small business community for generations to come and help to further our work\n\nto build a safe, strong, just, and equitable Oregon for all. Oregon's approach will be to use these\n\nfunds to counter systemic barriers to economic opportunity by providing access to capital in\n\npersistently underserved, low- and moderate-income areas, and rural communities.\"\n\n\"Oregon is a leader in innovation, thanks to the entrepreneurs and small businesses generating\n\nthousands of jobs in their communities. Yet, too often small business owners \u2013 especially\n\nentrepreneurs of color, women, and those in rural parts of our state -- face serious obstacles to\n\nget the capital they need to grow their businesses, or even get their businesses off the ground in\n\nthe first place,\" said Senator Ron Wyden. \"These historic American Rescue Plan investments\n\nwill go far in tearing down obstacles to growth and support more entrepreneurs and small\n\nbusinesses in every nook and cranny of our state. I am thrilled that Oregon's SSBCI plan has\n\nbeen approved and am eager to see our entrepreneurs and small businesses thrive.\"\n\n\"Small businesses are the lifeblood of our communities,\" said Senator Jeff Merkley. \"As our\n\neconomy continues to recover from the ongoing pandemic and other market disruptors, it's\n\ncrucial to continue supporting our local community businesses. This important access to capital\n\nwill help jumpstart new and growing small businesses in Oregon by ensuring business\n\nopportunities are accessible and encouraging entrepreneurs old and new to build out their small\n\nbusinesses\u2014ultimately, serving their communities and building the shared future we want.\"\n\n\"This significant investment is an exciting opportunity for Oregon's small businesses and the\n\nhard-working, entrepreneurial Oregonians who run them,\" said Congresswoman Suzanne\n\nBonamici. \"Small businesses are an important part of our communities and our economy. With\n\nmore people starting new small businesses and growing existing businesses, it's important to\n\nbreak down barriers to success, especially in underserved areas and rural communities. I've been\n\nworking on access to capital for small businesses since my time in the Oregon Legislature,\n\nso I enthusiastically helped to secure this federal funding. I look forward to seeing how it\n\ncontributes to the growth and stability of Oregon small businesses in the years to come.\"\n\nOregon, approved for up to $83.5 million, will operate five programs, including two venture\n\ncapital programs to which the state has allocated $30 million. The venture capital programs are designed to invest in funds in need of additional capital to launch and scale and to make co- investments in companies alongside private investors by matching the lead investor's structure and terms. Across its programs, Oregon's plan aims to counter systemic barriers to economic opportunity by providing access to capital in persistently underserved, low- and moderate-\n\nincome areas and rural communities. Oregon expects these programs to be self-sustaining, providing vital support to small business in Oregon over the long term.\n\nA recent White House report found that more Americans are starting new businesses than ever\n\nbefore. In 2021, Americans applied to start 5.4 million new businesses \u2013 20% more than any\n\nother year on record. It also found that small businesses are creating more jobs than ever before,\n\nwith businesses with fewer than 50 workers creating 1.9 million jobs in the first three quarters of 2021 \u2013 the highest rate of small business job creation ever recorded in a single year.\n\nThe investments being made through SSBCI are a key part of the Biden Administration's strategy to\n\nkeep this small business boom going by expanding access to capital and by providing\n\nentrepreneurs the resources they need to succeed. The work Treasury has done through the\n\nimplementation process to ensure SSBCI funds reach traditionally underserved small businesses\n\nand entrepreneurs will also be critical to ensuring the small business boom not only continues but\n\nalso continues to lift up communities disproportionately impacted by the pandemic. Treasury\n\nintends to continue approving state plans on a rolling basis.\n\nThe following descriptions highlight some of the key programs that Treasury has approved for\n\nthe four states being announced today:\n\n\u2022 Colorado, approved for up to $104.7 million, will operate three programs, including a\n\nventure capital program, to which it has allocated nearly $60 million. The program\n\nexpects to invest in two venture capital funds per year for three years to build a diverse\n\nseed-stage portfolio of small businesses in need of capital. Colorado has also allocated\n\n$35 million to an existing cash collateral support program that enables small businesses\n\nand non-profit organizations to secure credit by pledging a cash deposit as collateral. In\n\naddition, Colorado has set aside $10 million for a loan program intended to help Main\n\nStreet businesses recover from the pandemic.\n\n\u2022 Montana, approved for up to $61.3 million, will operate a loan participation program\n\nmodeled after a successful program in the previous iteration of SSBCI. This new\n\nprogram is designed to significantly increase the number of eligible CDFI and non-profit\n\nlocal economic development agencies with revolving loan funds (RLFs) that can\n\nparticipate in the program, to obtain a much broader outreach for targeting underserved\n\nmarkets. In addition, this program gives rural and Native American entrepreneurs greater\n\nopportunity to create new businesses and expand existing small businesses \u2014 creating\n\njobs and economic opportunities in Montana's rural counties and Indian Country.\n\n\u2022 New York, approved for up to $501.5 million, will operate multiple programs, including\n\na capital access program, loan guarantee programs, loan participation programs, and\n\nventure capital programs. For example, New York has allocated over $154 million to a\n\nprogram that provide equity support to small businesses by investing through private\n\nventure capital funds and accelerator funds. This program will provide capital support to\n\nfunds with diverse and emerging fund managers and teams. In addition, New York has\n\nallocated funds to two programs designed to help small and underserved businesses\n\ncompete for government contracts, which may include projects funded by the Bipartisan\n\nInfrastructure Law. As part of these efforts, New York will expand an existing program that saw a significant majority of its support for potential contractors going to minority-\n\nand women-owned businesses.\n\n\u2022 Oregon, approved for up to $83.5 million, will operate five programs, including two\n\nventure capital programs to which the state has allocated $30 million. The venture capital\n\nprograms are designed to invest in funds in need of additional capital to launch and scale\n\nand to make co-investments in companies alongside private investors by matching the lead investor's structure and terms. Across its programs, Oregon's plan aims to counter\n\nsystemic barriers to economic opportunity by providing access to capital in persistently\n\nunderserved, low- and moderate-income areas and rural communities. Oregon expects\n\nthese programs to be self-sustaining, providing vital support to small business in Oregon\n\nover the long term.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-08T02:59:24Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://bonamici.house.gov/media/press-releases/oregon-receive-835-million-us-treasury-department-promote-small-business-growth"], "units": {}, "query_ms": 0.9366190060973167, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}