The Portland Small Business Relief Fund provides support to small businesses in sectors that have been directly impacted by the necessary COVID-19 public health requirements and prioritizes businesses owned by Black, Indigenous, Asian Pacific Islander and all People of Color and/or women. The development of the fund incorporated the input of existing equity-centered networks and advisory bodies, leaders from other cities, and financial partners. Partners from the Inclusive Business Resource Network, Neighborhood Prosperity Network, multicultural chambers, and community development financial institutions (CDFIs) provided input on eligibility requirements, urgent business needs, grant and loan terms, and organizational capacity.
In addition, a number of local banks working with Oregon Community Foundation (OCF) pledged another $380,000 to the grant fund, to be disbursed following the same criteria and eligibility requirements established for the Small Business Relief Fund. Working with OCF, Umpqua Bank pledged an additional $600,000 for the loan fund, making the total of available resources through the SBRF $1.38 million for grants and $1.6 million for loans.