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|Articles - March 2011|
|Wednesday, March 02, 2011|
Page 3 of 4
But opposition from bankers hasn’t stopped small-business owners from organizing. A coalition of 500 small-scale business owners and farmers led by Jim Houser of the Hawthorne Auto Clinic in Portland and Mark Kellenbeck of Cascade Management in Grants Pass has formed to promote the idea. Supporters have organized boisterous public hearings to make the case that a state bank would put taxpayer money to work for Oregonians.
Roughly 150 people attended one such forum in Northeast Portland on Feb. 1. Audience members voiced support for the idea and empathized with small-business owners and farmers denied loans due to their size. The prevailing themes of the speeches made by both the audience and panel were the pervasive lack of credit available to small-business owners and small farms, how to fund and structure a state bank, and why Oregon needs one.
“One of the things about the state bank is that it is not not-for-profit, but that the profit belongs to the people,” said Barbara Dudley, co-chair of the Oregon Working Families Party. Dudley told the crowd that the bank could not only provide money to businesses that need capital, but could also become a viable revenue source for the state.
To become a source of revenue rather than expense, the state would have to choose its loans carefully. Several major state loans have failed magnificently in recent years, such as the $20 million loan extended to the now-bankrupt Cascade Grain ethanol plant in Clatskanie.
One of the small businesses featured in the Main Street report is Allegri Wine Shop & Art Gallery in downtown Gresham, in a neighborhood that recently lost a bridal shop, a toy shop and a bike shop. Owner Bill Allegri says he has been unable to get a bank loan, so he’s had to refinance his home and reduce inventory. His original business plan called for hiring an employee to enable him and his wife Kathy to travel to wine regions and build relationships with winemakers to grow the business. Instead they have done “what needs to be done,” including going without health insurance. “Fortunately we have good health,” he says.
Another supporter is Barbara McLean, who runs the One Stop Sustainability Shop in Northeast Portland with her daughter Jessica Ilalaole. They have struggled since launching in December 2009 with the goal of providing affordable everyday products to help people live more sustainable lives. Their shelves are stocked with dustpans made from recycled plastic, envelopes layered with old newspaper instead of bubble wrap and handmade soaps.
But it’s hard to pay the bills with idealism. After failing to get a loan through her credit union, McLean took out a home equity loan. She and her daughter moved from the pricey Pearl District to funky Alberta, where they’re hoping business will pick up as the weather warms. “We’d like to pay ourselves at some point,” says Ilalaole. Later in the interview, she mentions matter-of-factly that the shop’s unusual prices date back to the launching of the business, when “we didn’t know what we were doing.”
North Dakota’s Eric Hardmeyer says a state-run bank must avoid the temptation to loan to every business that needs cash with the hope that it will succeed. “You can’t save every deal,” he says. “You can’t save every town. Some deals you just have to walk away from.”
Thursday, August 20, 2015
Which of the following would be most effective in reducing the cost of operating a public university in Oregon?
Tuesday, September 15, 2015
BY LINDA BAKER
The 2016 presidential election is shaping up to be the year of the outsider, with Bernie Sanders and Donald Trump capturing leads in the polls and the headlines. In Portland, Wheeler vs. Hales is bucking the outlier trend.
Monday, September 28, 2015
BY CHRIS NOBLE
This year has been so dry we were caught napping when it finally started to sprinkle. Hopefully you didn’t get caught in a downpour while eagerly awaiting — don’t deny it — our curation of Oregon-grown wet weather wear.
Wednesday, August 26, 2015
BY LINDA BAKER
A new co-working model disrupts office sharing, child care and work-life balance as we know it.
Wednesday, August 19, 2015
BY LINDA BAKER
In 2010 Vanessa Keitges and several investors purchased Portland-based Columbia Green Technologies, a green-roof company. The 13-person firm has a 200% annual growth rate, exports 30% of its product to Canada and received its first infusion of venture capital in 2014 from Yaletown Venture Partners. CEO Keitges, 40, a Southern Oregon native who serves on President Obama’s Export Council, talks about market innovation, scaling small business and why Oregon is falling behind in green-roof construction.
Wednesday, August 19, 2015
BY GINA BINOLE
Screening for “culture fit” has become an essential part of the hiring process. But do like-minded employees actually build strong companies — or merely breed consensus culture?
Tuesday, August 18, 2015
BY JASON NORRIS | CFA
Earlier this month, the People’s Bank of China (PBoC) announced they were going to devalue their currency, the Renminbi. While the amount of the targeted change was to be roughly 2 percent, investors read a lot more into the move. The Renminbi had been gradually appreciating against the U.S. dollar (see chart) as to attempt to alleviate concerns of being labeled a currency manipulator.
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