Business Oregon Opens Applications for Venture Fund Program
At least $15 million will be allocated to SEC-accredited venture capital funds
through the BOV Fund Program.
Business Oregon is now accepting applications for the Business Oregon Venture
(BOV) Fund Program under the State Small Business Credit Initiative (SSBCI)
program. Due to the nature of the venture capital industry and SSBCI program
guidelines, Business Oregon will be accepting and reviewing BOV Fund Program
applications on a rolling basis. The Request for Quotes (RFQ) will remain open
until November 1, 2029, or until all allocated SSBCI funds have been awarded,
whichever comes first.
Business Oregon believes venture capital fund managers can play an important
role in Oregon’s entrepreneurial ecosystem. Oregonians can leverage fund
managers’ expertise, networks, and private capital to develop and maintain a
strong pipeline of high-growth opportunities.
Business Oregon plans to allocate at least $15 million to SEC-accredited venture
capital funds through the BOV Fund Program. Please note that a portion of this
amount has been awarded to multiple fund managers through a previous Request
for Grant Applications. The SSBCI program places an emphasis on fund managers
with access to startups led by Socially and Economically Disadvantaged
Individuals (SEDI).
Program eligibility requirements can be accessed on the U.S. Treasury’s website
at https://home.treasury.gov/.
Basic criteria for venture capital fund strategies include:
- State participation limited to Oregon companies only.
- Average portfolio company of fewer than 500 employees.
- Average check size to portfolio companies is smaller than $5 million.
- Portfolio company equity rounds are smaller than $20 million.
- Funds must demonstrate that $1 from the BOV Fund Program will “cause
and result” in at least $1 of new private financing at the fund level.
Business Oregon staff will screen all BOV Fund Program proposals for
completeness and eligibility and will refer the qualifying submissions to a review
committee.
To learn more and download the application for the BOV Fund Program, visit
https://oregonbuys.gov/.
Please email SSBCI.info@biz.oregon.gov with questions about the BOV Fund Program.
For clarification purposes, the Business Oregon Venture Direct Program is
separate from the BOV Fund Program. More information on these and other
SSBCI-funded venture capital, venture debt, and small business lending programs
can be found on Business Oregon’s website, https://www.oregon.gov/biz/programs/SSBCI/.
Program Documents:
SSBCI Initial Program Guidelines
Original post : https://www.oregon.gov/biz/Publications/releases/Business%20Oregon%20Opens%20Applications%20for%20Venture%20Fund%20Program.pdf
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