House committee to extend business expansion loan fund

House committee to extend business expansion loan fund

A House committee approved a bill to extend the subsidy that helped land Salesforce.

House Bill 2225, introduced at the request of Gov. John Kitzhaber, would remove the sunset from Oregon’s Business Retention and Expansion Program. The bill would also give the state’s economic development arm the power to transfer money from a strategic reserve fund to make the loans. Debts are forgiven if recipients meet certain workforce and wage requirements.

Salesforce, for instance, must create and maintain 205 new jobs, among other requirements, in exchange for $1.4 million from the state.

Read more at OregonLive.com.

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