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Building Opportunities for Oregon Small Business Today (BOOST)established within the Oregon Business Development Fund (OBDF) program
Purpose: Promote access to working capital that results in immediate job growth and job retention through the making of loans and awarding grants to traded sector small business.
Eligibility: Any traded sector (manufacturing) small business employer (under 100 or fewer employees) may apply.
Targets employers who expand employment, create full-time positions, and fill the positions with employees who have been unemployed for a minimum of 60 days at the time of hire.
The BOOST Loan Program Application
The BOOST loan program is a revolving loan fund that provides term fixed-rate financing for businesses in need of operating capital. Loan proceeds may be used to support daily operations (i.e., rent or mortgage payments, utilities, marketing expenses, employee expenses, accounts receivable/payable, small equipment purchases, etc).
Loans are:
- A maximum amount of $150,000,
- A maximum term and amortization of 4 years and
- A minimum fixed interest rate of Prime plus 5% APR
- Applications must show the business:
- Has the ability to create or retain jobs as a result of the loan,
- Provides comparable wages to their employees,
- Can provide good and sufficient collateral for the loan,
- Possesses a reasonable capacity to repay the loan and
- Meets other criteria outlined in the OBDF Application and Oregon Administrative Rule.
The BOOST Grant Program Application
The BOOST grant program will award and make grants as an incentive to Oregon businesses that create new, full-time jobs in Oregon.
To be eligible, applicants must:
- Create and retain new full-time jobs for a period of at least 6 months,
- Be a traded-sector business in manufacturing, processing or distribution and
- Demonstrate that comparable wages are provided to their employees.
Up to $2,500 may be awarded to an applicant for each full-time job created and retained with an annual maximum of $50,000 per applicant in a calendar year. Applications will be processed on a first-come, first-served basis.
MORE INFORMATION - www.oregon4biz.com
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