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Investing Millions in Small Businesses Across Oregon

Sat, 07/22/2017 - 18:09

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$4.81 million in funding expected to create or retain 1,778 jobs

Salem, OR—Governor Kate Brown today announced a package of business development investments from Business Oregon's Strategic Reserve Fund. The diverse projects include investments in small business growth, rural broadband development, and entrepreneurship support among others.

“While all different, these projects are each uniquely positioned to impact their respective local economies,” Governor Brown said. “They represent both broad strategic priorities, as well as specific business expansion opportunities that are creating and retaining good paying jobs in Oregon.”

The 13 projects total $4.81 million in funding, cover multiple regions of the state, and are expected to create or retain 1,778 jobs. The investments are a culmination of work by Business Oregon, local partners, and the individual private companies, and leverage additional funds from the private sector.

For projects focused on direct job creation and retention, the companies will agree to create the respective number of jobs within four years, or must pay back the funds. Governor Brown reviews and approves all strategic reserve fund investments.

Projects include:

St. Cousair, Newberg $100,000
Food processor growing after new foreign investment. Funds will help purchase and install new equipment.

West Linn Paper Company, West Linn $500,000
Traditional paper company diversifying product line to access new markets. Funds will help purchase and install new equipment.

Snake River Produce, Nyssa $250,000
Onion producer facing decision on where to rebuild after devastating winter storm damaged facilities and infrastructure. Funds will offset some costs of the equipment needed to setup a new facility in Oregon.

Radiator Supply House, Sweet Home $60,000
Rural manufacturer expanding to meet new growth. Funds will cover some costs of facility improvements.

Baker and Murakami Produce Co., Ontario $200,000
Rural onion producers expanding and constructing “supershed” onion storage facility. Funds will be used for purchase of equipment for the facility.

Rural Broadband Development, rural Oregon $500,000
Broadband planning, engineering, and infrastructure deployment projects targeting rural and underserved populations. Funds will go toward multiple projects selected by criteria still in development.

Red Rock Biofuels, Lakeview $75,000
Developer and operator of renewable fuels production facilities. Funds will support purchase of land for new woody biomass fuel production site.

Digital Harvest, Pendleton $100,000
Developing new robotics solutions for the agriculture industry. Funds will assist Digital Harvest with costs associated to field test their new ROVR prototype that assists with harvesting and pruning.

Ebara Technologies, Hillsboro $50,000
Semiconductor equipment manufacturer looking at multiple locations for expansion. Funds will help purchase machinery at the site.

Mary's Harvest, Portland $700,000
Large food products manufacturer looking to expand on new site. Funds will be used for refrigeration and cooling system necessary for the new facility.

Oregon Growth Board, statewide $1.25 million
OGB increases capital available to the state's early-stage small businesses, generally through the Oregon Growth Fund (OGF). Through competitive process, funds will go to entities that specifically provide financing that addresses capital gaps to under-represented geographies, people, and business sectors in Oregon.

Buoy Beer, Astoria $150,000
Local brewery undergoing multi-year expansion. Funds will help purchase additional storage tanks for increased capacity.

Organic Valley, McMinnville $350,000
Growing food products company that is retrofitting dairy facility after purchase to grow and use local milk suppliers. Funds will be used to help purchase the advanced processing equipment.

This funding is contingent on successful negotiation between Business Oregon and recipients of contractual terms for the awards and performance objectives by agreed upon dates.