These grants can be a lifeline to business owners – and they’re more desirable than a loan.
Securing a business loan is a definite win, but what if you could score a grant instead? There’s no downpayment, interest rate, repayment terms or monthly payments. As a business owner, you simply have to meet the grant’s eligibility requirements, fill out the application, win the financing and use the money to fund your Oregon small business.
In addition to the many grant programs available through the federal government, Oregon offers grants at the state and local levels. Furthermore, statewide nonprofit organizations also have programs to support economic development and stimulate the local economy.
To help get you started on your way to free money, VIDA Coworking curated several Oregon small business grants that can help you launch or grow your venture.
Oregon Small Business Grant Programs
The Mercy Corps Northwest assists small business owners in increasing their savings through grant match programs known as Individual Development Accounts (IDA). Business owners must save at least $67 per month between six and 18 months until they have accrued $1,200. The Mercy Corps Northwest provides an amount of $6,000, giving small business owners a total of $7,200. Those who complete the grant are also eligible for a $1,000 credit-building loan.
To be eligible for this grant, applicants must be an existing participant in one of the Corps’ partner programs, have a business in Oregon with no more than five employees, have a household net worth of less than $20,000 and ensure the entire household does not make more than 80% of your area’s median income.
CDBG-CV Statewide Emergency Small Business & Microenterprise Grant Program
The Oregon Business Development Department and the CCD Business Development Corporation partnered up to provide access to $3 million in financial assistance to small businesses in the state of Oregon. The grants are “intended to help businesses remain solvent and able to retain/create low- and moderate-income jobs.”
To be eligible to receive this grant funding, business owners must have been in business for at least one year prior to March 8, 2020, and must be impacted by public health restrictions. The business must also have five or fewer employees who make low- to moderate-level income.
Portland Small Business Grants
Prosper Portland’s Small Business Repair Grant uses existing tax increment funding (TIF) and funds from City Council to provide up to $10,000 to Portland small businesses in need of physical repairs. To be used as one-time emergency funding, the program supports businesses with broken windows or doors, sign damage or graffiti. Business owners are eligible to apply if they have a current City of Portland business license and are registered with the State Business Registry.
The Prosperity Investment Program (PIP) is also provided by Prosperity Portland. This grant, unlike the small business repair grant, is a matching grant, which means the applicant must provide additional funds. This program provides a 50% match but cannot exceed $50,000. However, the Interstate Corridor District offers up to $75,000 with a 75/25 match.
Funds may be used for physical improvements to signage, lighting, storefront, roof or parking lot updates. The financing can also go toward project development services, including architectural analysis or financial assessment.
Founded by entrepreneur Melanie Marconi, VIDA Coworking is a Portland-based small business that understands how the right funding is needed to start and maintain a healthy business in Oregon. We are proud to be part of the Portland community by providing a coworking space and business resources for all local entrepreneurs. Learn more about becoming a VIDA Member now.