State Small Business Credit Initiative

This funding opportunity provides financial support to nonprofits and similar organizations that assist socially and economically disadvantaged individuals and very small businesses with essential legal, financial, and accounting services.

$600,000

Forecasted

Recurring

Grant Description

This grant focuses on supporting socially and economically disadvantaged individuals (SEDI) and very small businesses (VSBs) by providing legal, financial, and accounting assistance. The initiative is part of the expanded SSBCI program under the American Rescue Plan. Key details include: Total Funding Available: Approximately $600,000. Eligible Applicants: Nonprofits, chambers of commerce, tribal governments, and other similar entities with at least two years of experience supporting SEDI and VSB businesses. Services: Technical assistance includes legal support (contracts, compliance, etc.), financial advisory (budgeting, credit counseling), and accounting (invoicing, tax preparation). Grant Submission Deadline: Applications are due by November 10, 2024, and must be submitted via email to Daniel.geiman@biz.oregon.gov.

Funding Details

Award Range

Not specified - Not specified

Total Program Funding

$600,000

Number of Awards

Not specified

Matching Requirement

Eligibility

Eligible Applicants

City or township governments

County governments

Nonprofits

Additional Requirements

Eligible Applicants Eligible applicants include nonprofit and community-based organizations with an active 501(c)(3) status; Chambers of Commerce, nonprofit trade associations, and other 501(c)(6) status entities; Tribal governments; Economic Development Districts, and federally recognized small business resource providers. Additionally, successful applicants will meet and demonstrate in their applications the following minimum requirements: • Are registered to do business in Oregon; • Have been in operation and provided relevant services for a minimum of two years; • Have experience supporting access or securing capital for established and/or growth oriented SEDI-owned businesses and VSBs; and • Have experience managing a program, including assessing individual eligibility criteria, working with subrecipients, compliance monitoring, tracking outcomes, and submitting reports, as required.

Geographic Eligibility

All

Key Dates

Application Opens

Not specified

Application Closes

Not specified

Contact Information

Grantor

Daniel Geiman

Daniel.geiman@biz.oregon.gov

Phone

503-986-0123

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