Portland businesses offered new job-creation grants
Starting this week, businesses in Portland looking to staff up can apply for a new round of job-creation grants from the city.
The Business Assistance Program provides matching grants to Portland businesses for the creation of one or two full-time jobs to be filled by low- or moderate-income individuals.
Nearly $200,000 in grant funding is available in the program budget.
While there is no application deadline, the city expects funds to go quickly and encourages interested applicants to apply as soon as possible.
Portland businesses seeking to create new full-time, year round jobs may apply for a grant of $10,000 (for one job) or $20,000 (for two jobs). Jobs must be filled within nine months of receiving grant approval.
For every $10,000 in grant funds awarded, a business owner is required to match it dollar-for-dollar with his or her own private funds.
At least half of the private match must come out of the owner's cash to be invested in the business, while the rest may be funded through a business loan from a bank, credit union or other financing agency, including the city’s Commercial Revolving Loan Program.
More information on the Business Assistance Program and grant applications are available online.
Portland's Economic Development Department administers the job creation program and the Portland Development Corp., the city's loan and grant board, approves all grant awards.
The program is funded by Portland's Community Development Block Grant through the U.S. Department of Housing and Urban Development.
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