Tuesday, September 27, 2011

Start Ups and Small Business Assistance in Statewide News

The Oregonian published a piece today on Oregon's Self-Employment Assistance Program (SEAP) and how it might be used as a model to to start similar programs in other states. The program allows unemployed potential business owners to continue receiving unemployment benefits. To qualify for the program, participants must write a business plan and a market feasibility study. The Oregonian notes that a study by the federal Department of Labor found that self-employment program participants were four times more likely to obtain employment of any kind than those who did not participate. Oregon is one of seven states to offer this type of program.

In other news, the Small Business Administration (SBA) just announced plans to increase small business lending by $20 billion over the next three years. An article in the Portland Business Journal reports that 13 financial institutions joined together to make these commitments. Of the participating banks, the five largest in Oregon (by market share) are Bank of America, U.S. Bank, Wells Fargo, JP Morgan Chase, and KeyBank.

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