The City of Portland is once again launching a new round of the Business Assistance Program for Job Creation (BAP), and applications are now being accepted. The Program provides matching grants to Portland businesses for the creation of one or two full-time jobs to be filled by low/moderate income individuals. It is anticipated that the BAP budget of almost $200,000 in grant funds will go very quickly, so interested Portland businesses are encouraged to submit applications as soon as possible. There is no application deadline, funds are available until they run out.
BAP’s purpose is to create jobs for low/moderate income people by helping startups and existing businesses with grants that can be used for a range of expenses, for example, machinery and equipment, inventory and supplies, payment of salaries, rent, utilities and other working capital needs. Portland businesses seeking to create new full-time, year round jobs may apply for a grant of $10,000 (for 1 job) or $20,000 (for 2 jobs). Jobs must be filled within nine months of being approved for a grant.
The match component of the program requires that for every $10,000 in grant funds, a business owner is required to match it dollar-for-dollar with their own private funds. At least half of the private match must be the business owner’s cash to be invested in the business, while the rest may be funded through a business loan from a bank, credit union or other financing agency, including the City’s Commercial Revolving Loan Program.
More information on BAP, its requirements and an application are on the City’s website.
Interested businesses can also contact Nelle Hanig, Business Programs Manager, in the Economic Development Department at email@example.com or 207-756-8019.
The City’s Economic Development Department administers this job creation program and the Portland Development Corporation, the City’s loan and grant board, approves all grant awards. The Program is funded by the City’s Community Development Block Grant through the U.S. Department of Housing and Urban Development.