Prosper Portland awards $6.3 million in grants from Reimagine Oregon Economic Opportunity Investment Fund
May 30, 2024
NEWS RELEASE
Contact: Shawn Uhlman, Prosper Portland, 503-823-7994
Prosper Portland is proud to announce the first round of grants from the Reimagine Oregon Economic Opportunity Investment Fund. More than $6.3 million in grant funding will be awarded to 53 projects, with awards ranging from $5,000 to $200,000.
Grants from the Reimagine Oregon Economic Opportunity Investment Fund are made in accordance with direction from Portland City Council when the program was transferred to Prosper Portland in 2023. The grants, which are funded with cannabis tax revenue, are also made in alignment with the City’s Advance Portland strategic vision to foster wealth creation within underserved communities by creating access to economic opportunity for business development and growth.
Reimagine Oregon began as an initiative created by Black-led organizations and individuals working to dismantle systematic racism in Oregon. Community leadership created a movement that resulted in the launch of the Reimagine Oregon Economic Opportunity Investment Fund at Prosper Portland, which is intended to provide economic opportunities to communities disproportionately impacted by cannabis prohibition.
“This is an important first step in repairing the harm done to Portland communities by cannabis prohibition,” said Justice Rajee, director of the Reimagine Oregon Project. “I want to thank Prosper Portland and Commissioner Rubio for championing this cause and working tirelessly to create and implement a fair, equitable grant program. I also want to acknowledge the Reimagine Oregon steering committee for its leadership, vision, and support in launching this new program. This was not an easy task.”
Grants were awarded to both for-profit and nonprofit entities, that operate within the City of Portland. Fund use was designed to allow for proposals for growth and capacity-building initiatives in one of three categories:
- Accelerate Business Growth & Entrepreneurship (Funding opportunity for for-profit businesses)
- Build Community Wealth & Economic Empowerment (Funding opportunity for non-profit organizations)
- Create Anchor Projects that Enhance Community Engagement & Collaboration (Collaborative funding opportunity, for both non-profit organizations and for-profit businesses)
“The overwhelming response to this program illustrates the deep desire of many local businesses and organizations to take part in the revitalization of the Portland economy. I remain impressed by the response to this new program and am particularly inspired by the ingenuity and self-determination demonstrated within communities disproportionately impacted by cannabis prohibition,” said Chabre Vickers, Director of Equity, Policy & Communications at Prosper Portland. “While we did not have the capacity to fund every project, we are excited for this year’s awardees, the impact they will have across Portland, and we look forward to funding additional projects in the next round.”
Prosper Portland received 380 grant applications in the first round of the Reimagine Oregon Economic Opportunity Investment Fund Grant, with requested funds totaling more than $109 million. The next round of funding will be in Spring 2025.
“We know that Prosper Portland’s other grants, lending products, technical assistance programs, and partners form a valuable set of resources for all Reimagine Fund grant applicants,” said Prosper Portland Executive Director Kimberly Branam. We look forward to the upcoming launch of the Office of Small Business at Prosper Portland, which will help small business owners better navigate the full array of services available to them.”
A full list of awardees is included below.
