The Oregon Community Foundation has launched a new program to help fund organizations that help entrepreneurs start and grow businesses.
The new program, called Thriving Entrepreneurs, gave out $580,000 in grant funding to 28 nonprofits to provide coaching, mentoring, technical support and training to entrepreneurs. The program will prioritize investing in groups serving women, rural entrepreneurs and people of color.
The fund is open for more contributions online.
Here’s some of the groups who received initial grants:
- Warm Springs Community Action Team, $25,000 for a partnership of cohort-based services to help develop and start and expand 10 local businesses.
- Centro Latino Americano in Eugene, $25,000 to expand the Cambios Business Program and offer an additional 12-week class to Latino entrepreneurs.
- Klamath IDEA, run by Klamath Community College Foundation in Klamath Falls, $10,000 for events to promote rural entrepreneurship.
- Community Lending Works, Springfield, $25,000 for marketing, outreach and technical assistance to get low-barrier small business loans to underserved businesses.
- Portland State University Center for Entrepreneurship and its Invent Oregon program, $25,000 for a statewide competition for Oregon college students to develop concepts and prototypes to tackle local and global challenges.
“Small businesses help communities by keeping talented people in Oregon. Owning a small business can be key to individual and family prosperity – it's often a pathway to get out of poverty,” said Su Embree an OCF board member, co-founder of Emerging Leaders and former owner of DHM Research, in a written statement. “Supporting entrepreneurs, particularly entrepreneurs of color, women and those in rural communities, is an investment with significant returns for all of us.”
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These funds will help many organizations leverage other partnerships. For instance, the PBDG Foundation in Hubbard and its Link Project provides opportunities for women and people or color in the construction industry.
“Oregon Community Foundation’s Thriving Entrepreneurs grant to PBDG will leverage other public investments to support important capacity building and training for entrepreneurs of color and women in Oregon’s construction industry as well as equitable job creation,” said Kenechi Onyeagusi, the group’s executive director, in a written statement.
According to the U.S. Small Business Administration Oregon has 377,860 small businesses which account for 99% of the state’s businesses and 55% of Oregon employees. A small business is defined as a company with under 500 employees.
The Business Journal has written extensively on the need for access to capital and resources, especially for women and entrepreneurs from underrepresented communities.
“Entrepreneurs were among the hardest hit by the pandemic. If we are going to fully recover, and even bounce forward to a more equitable future, funding provided by Oregon Community Foundation will make a difference in helping entrepreneurs thrive and prosper in each of their communities,” said Celia Núñez, executive director of Chemeketa Center for Business and Industry and volunteer member of the OCF Thriving Entrepreneurs Grant Program Review Committee, in a written statement.
