$10-15 million will be invested to leverage $20-30 million in capital for Oregon startups.
Business Oregon announces an award of $10 to $15 million to Elevate Capital through
the State Small Business Credit Initiative (SSBCI) Business Oregon Venture (BOV) Direct
Program. The awarded funds will be used to invest in Oregon startups over a several year
period.

“We are proud to award this funding, in partnership with Elevate Capital, to support
Oregon’s innovators and creators,” said Sophorn Cheang, Director of Business Oregon.
“Oregon’s economy thrives on the creative new ideas and business ventures of its
entrepreneurs. Supporting startups is supporting the backbone of Oregon’s economy.”
Business Oregon’s award must be matched at least 1:1 by private funding so the state’s
investment will leverage $20 million to $30 million in private capital for Oregon’s startups.
“The honor of managing the SSBCI Venture Direct Program follows a highly competitive
selection process with Business Oregon and reflects Elevate Capital’s reputation of
supporting Oregon’s startup community,” said Nitin Rai, Elevate Capital’s Founder and
Managing Partner. “We are thrilled to have this excellent opportunity to bolster the state’s
economy.”

The SSBCI is a program authorized through the American Rescue Plan Act of 2021 and
administered by the U.S. Department of Treasury. The state of Oregon received approval
in 2022 for up to $83.5 million in SSBCI funds to bolster existing small business financing
programs as well as create new programs to support access to capital for new and
growing Oregon businesses.

The BOV Direct Program awards funds to increase access to venture capital for
startups, with priority given to businesses located in underserved geographies and
owned and controlled by socially and economically disadvantaged individuals. The BOV
Direct Program is one of two SSBCI venture programs operated by Business Oregon. The
BOV Fund Program began awarding funds in 2024, which are currently being invested in
Oregon startups.

To learn more about the SSBCI program, visit www.oregon.gov/biz/programs/SSBCI.