U.S. Department of the Treasury 

Office of Public Affairs 

 

Press Release: August 19, 2022

Contact: Treasury Public Affairs, Press@Treasury.gov

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 

Oregon Among Four States Recently Approved to Receive Federal Funding Through the State 

Small Business Credit Initiative 

WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of 

Oregon’s application for funding under the State Small Business Credit Initiative (SSBCI) for up 

to $83.5 million. President Biden’s American Rescue Plan reauthorized and expanded SSBCI, 

which was originally established in 2010 and was highly successful in increasing access to 

capital for small businesses and entrepreneurs. The new SSBCI builds on this successful model 

by providing nearly $10 billion to states, the District of Columbia, territories, and Tribal 

governments to increase access to capital and promote entrepreneurship, especially in 

traditionally underserved communities as they emerge from the pandemic. SSBCI funding is 

expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, 

amplifying the effects of this funding and providing small business owners with the resources 

they need to sustainably grow and thrive. State governments submitted plans to Treasury for how 

they will use their SSBCI allocation to provide funding to small businesses, including through 

venture capital programs, loan participation programs, loan guarantee programs, collateral 

support programs, and capital access programs.

“This is an historic investment in entrepreneurship, small business growth, and innovation 

through the American Rescue Plan that will help reduce barriers to capital access for traditionally 

underserved communities including those in rural areas,” said Secretary of the Treasury Janet 

L. Yellen. “I’m excited to see how SSBCI funds will promote equitable economic growth in 

Oregon and across the country.”

“I’d like to thank Secretary Yellen, Deputy Secretary Adeyemo, and the Biden-Harris 

administration for approving Oregon’s application and for their support of our business 

community,” said Governor Kate Brown. “Oregon’s SSBCI funds will make meaningful 

impacts for our small business community for generations to come and help to further our work 
to build a safe, strong, just, and equitable Oregon for all. Oregon’s approach will be to use these 

funds to counter systemic barriers to economic opportunity by providing access to capital in 

persistently underserved, low- and moderate-income areas, and rural communities.” 

"Oregon is a leader in innovation, thanks to the entrepreneurs and small businesses generating 

thousands of jobs in their communities. Yet, too often small business owners – especially 

entrepreneurs of color, women, and those in rural parts of our state -- face serious obstacles to 

get the capital they need to grow their businesses, or even get their businesses off the ground in 

the first place," said Senator Ron Wyden. "These historic American Rescue Plan investments 

will go far in tearing down obstacles to growth and support more entrepreneurs and small 

businesses in every nook and cranny of our state. I am thrilled that Oregon’s SSBCI plan has 

been approved and am eager to see our entrepreneurs and small businesses thrive.”

“Small businesses are the lifeblood of our communities,” said Senator Jeff Merkley. “As our 

economy continues to recover from the ongoing pandemic and other market disruptors, it’s 

crucial to continue supporting our local community businesses. This important access to capital 

will help jumpstart new and growing small businesses in Oregon by ensuring business 

opportunities are accessible and encouraging entrepreneurs old and new to build out their small 

businesses—ultimately, serving their communities and building the shared future we want.”

“This significant investment is an exciting opportunity for Oregon’s small businesses and the 

hard-working, entrepreneurial Oregonians who run them,” said Congresswoman Suzanne 

Bonamici. “Small businesses are an important part of our communities and our economy. With 

more people starting new small businesses and growing existing businesses, it’s important to 

break down barriers to success, especially in underserved areas and rural communities. I’ve been 

working on access to capital for small businesses since my time in the Oregon Legislature, 

so I enthusiastically helped to secure this federal funding. I look forward to seeing how it 

contributes to the growth and stability of Oregon small businesses in the years to come.”

Oregon, approved for up to $83.5 million, will operate five programs, including two venture 

capital 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 coinvestments 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 moderateincome areas and rural communities. Oregon expects these programs to be self-sustaining, 

providing vital support to small business in Oregon now and over the long term.

A recent White House report found that more Americans are starting new businesses than ever 

before. In 2021, Americans applied to start 5.4 million new businesses – 20% more than any 

other year on record. It also found that small businesses are creating more jobs than ever before, 

with businesses with fewer than 50 workers creating 1.9 million jobs in the first three quarters of 

2021 – the highest rate of small business job creation ever recorded in a single year. The 

investments being made through SSBCI are a key part of the Biden Administration’s strategy to 

keep this small business boom going by expanding access to capital and by providing 

entrepreneurs the resources they need to succeed. The work Treasury has done through the 
implementation process to ensure SSBCI funds reach traditionally underserved small businesses 

and entrepreneurs will also be critical to ensuring the small business boom not only continues but 

also continues to lift up communities disproportionately impacted by the pandemic. Treasury 

intends to continue approving state plans on a rolling basis.

The following descriptions highlight some of the key programs that Treasury has approved for 

the four states being announced today:

• Colorado, approved for up to $104.7 million, will operate three programs, including a 

venture capital program, to which it has allocated nearly $60 million. The program 

expects to invest in two venture capital funds per year for three years to build a diverse 

seed-stage portfolio of small businesses in need of capital. Colorado has also allocated 

$35 million to an existing cash collateral support program that enables small businesses 

and non-profit organizations to secure credit by pledging a cash deposit as collateral. In 

addition, Colorado has set aside $10 million for a loan program intended to help Main 

Street businesses recover from the pandemic.

• Montana, approved for up to $61.3 million, will operate a loan participation program 

modeled after a successful program in the previous iteration of SSBCI. This new 

program is designed to significantly increase the number of eligible CDFI and non-profit 

local economic development agencies with revolving loan funds (RLFs) that can 

participate in the program, to obtain a much broader outreach for targeting underserved 

markets. In addition, this program gives rural and Native American entrepreneurs greater 

opportunity to create new businesses and expand existing small businesses — creating

jobs and economic opportunities in Montana’s rural counties and Indian Country.

• New York, approved for up to $501.5 million, will operate multiple programs, including 

a capital access program, loan guarantee programs, loan participation programs, and 

venture capital programs. For example, New York has allocated over $154 million to a 

program that provide equity support to small businesses by investing through private 

venture capital funds and accelerator funds. This program will provide capital support to 

funds with diverse and emerging fund managers and teams. In addition, New York has 

allocated funds to two programs designed to help small and underserved businesses 

compete for government contracts, which may include projects funded by the Bipartisan 

Infrastructure 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 minorityand women-owned businesses.

• Oregon, approved for up to $83.5 million, will operate five programs, including two 

venture capital 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-income areas and rural communities. Oregon expects 
these programs to be self-sustaining, providing vital support to small business in Oregon

now and over the long term.

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