Bonamici and Schrader Announce USDA Grant for “Invest Locally Initiative”

Portland, Ore. – Congresswoman Suzanne Bonamici (OR-01) and Congressman Kurt Schrader (OR-05) today announced the award of a $50,000 grant to Columbia-Pacific Economic Development District (Col-Pac) for its “Invest Locally Initiative,” which will help rural Northwest Oregon businesses access capital through the state’s newly launched community public offering process.

“It is my pleasure to announce that the Columbia-Pacific Economic Development District has received a $50,000 grant from the U.S. Department of Agriculture,” Congresswoman Bonamici said. “This funding will create more economic opportunities for Northwest Oregonians, especially through small business development. Small businesses create jobs and strengthen local economies and communities, and Col-Pac helps them grow and thrive. Congratulations to Col-Pac and the region for earning this grant. I look forward to seeing the benefits this additional investment will bring to local residents and businesses."

The grant is provided through the Rural Business Development Grant (RBDG) Program administered by U.S. Department of Agriculture (USDA) Rural Development. Funding is contingent upon the recipient meeting the terms of the grant agreement.

“I’m happy that our communities in Northwest Oregon continue to benefit from these rural development grants. Though our state is growing, much of rural Oregon still faces tremendous challenges economically from the last recession and the loss of its natural resource-based economy,” said Congressman Kurt Schrader. “Through public-private partnerships like Col-Pac we can provide our small businesses with technical assistance and new access to capital allowing them to employ more Oregonians and inject more dollars into our economy. During my time on the House Agriculture Committee I worked on the 2014 Farm Bill that authorized the RBDG program and it’s encouraging to see it go to work in my district.”

With the grant, Col-Pac will provide technical assistance to help connect emerging and small businesses with new, non-traditional sources of capital for business development and expansion, with a focus on community public offerings. In January 2015, the State passed a new rule creating a pathway for registered Oregon small businesses and startups to raise limited amounts of capital of up to $250,000 directly from Oregon residents. These community public offerings provide a type of securities-based crowdfunding.

Until now, local technical assistance has not been available to help Northwestern Oregon businesses learn the rules, file comprehensive disclosure documents, develop advertising copy and plans, and develop other items required to put forth a community public offering.

Assistance will be provided in the Tillamook and Columbia counties initially and expand into Clatsop County next year. Through this process, Col-Pac will connect small businesses to new funding opportunities and markets, and they will connect local investors with opportunities to benefit their communities, setting the foundation for sustainable economic development in the region.

Grant funds will also allow Col-Pac to develop and coordinate at least one “buy local” marketing campaign as a component of the Invest Locally Initiative. This funding will also help them produce and distribute Invest Locally marketing materials and host workshops educating local investors, bankers, and businesses on the technical aspects, potential, and applicability of small business public offerings.

Congress established the RBDG Program under the 2014 Farm Bill. The new program combines USDA’s former Rural Business Enterprise Grant (RBEG) and Rural Business Opportunity Grant (RBOG) programs. Like its predecessors, the new program is designed to assist with the startup or expansion of small and emerging private businesses in rural communities.