Governor announces program to help Oregon small biz grow

Governor Kate Brown announced Monday a program to encourage early-stage small businesses to stay and grow in Oregon.

With $400,000 in funding, the Small Business Innovation Research Grant Support Program http://oregon.us2.list-manage2.com/track/click?u=4… will provide individual grants of up to $125,000 to a maximum of four Oregon companies that are participating in a companion federal program.

“Small businesses are essential to Oregon’s economic well-being, both present and future,” said Governor Brown. “This support encourages more small businesses to stay and grow in Oregon.”

The U.S. Small Business Administration operates the Small Business Innovation Research (SBIR) Program http://oregon.us2.list-manage1.com/track/click?u=4… and the Small Business Technology Transfer (STTR) Program http://oregon.us2.list-manage.com/track/click?u=41… under which federal agencies provide grants to small business to conduct research and development. The SBIR/STTR funding alone leaves gaps in areas critical to getting early-stage companies to the point of producing revenue and becoming a viable business.

Companies at this stage often make decisions on where to locate and continue to grow their businesses and are likely to be courted by other cities or states. In an effort to prevent flight, the Small Business Innovation Research Grant Support program will leverage federal dollars and better position companies for future fundraising and growth after the federal grant is completed.

Operated by Business Oregon http://oregon.us2.list-manage2.com/track/click?u=4… , the grant program will build on and support the work of the Oregon Innovation Council http://oregon.us2.list-manage.com/track/click?u=41… to help new businesses commercialize their innovations by facilitating access to an additional source of capital. The Council will review applications and recommend award recipients.