Democrats Hype 'BOOST' Bill During February 2010 Session.

“The Legislature in February created BOOST — which stands for Building Opportunities for Oregon Small Business Today — with the authority to lend up to $4 million to businesses that can create new permanent full-time jobs in Oregon. The program also can issue $1 million in total grants, with up to $2,500 for each newly created job, to qualifying businesses.”

(Loans Draw Scant Interest, Register-Guard, David Steves, 7/23/10)

Mary Nolan: Game Changer.

“‘We hear time and time again that the biggest obstacle small businesses face to creating jobs is a lack of access to working capital,’ said House Democratic Majority Leader Mary Nolan (D-SW Portland).  This bill changes the game by providing capital for small businesses that are dedicated to creating new, full-time jobs in Oregon.’”

(News Release: House Passes Bill to "BOOST" Job Creation, House Democratic Office, 2/23/2010)

Democrats Promised BOOST Jobs as ‘Early as May.’

 “‘This bill moves quickly to give small businesses the incentives and capital they need to hire unemployed Oregon workers.  The loans and grants could get to businesses as early as May, far more quickly than tax credits or other types of incentives,’ said Representative David Edwards (D-Hillsboro), who carried the bill on the House floor.”

(News Release: House Passes Bill to "BOOST" Job Creation, House Democratic Office, 2/23/2010)

Report: Loans Draw Scant Interest, Creates Few Jobs

“When they enacted the program, lawmakers said it was a response to the demand by recession-plagued small businesses for help securing working capital that could allow them to resume hiring.

“But in the seven weeks since a state agency began offering assistance to Oregon companies, only four have applied for grants to create a combined 38 jobs. So far, none of the grants, for a total of $95,000, has been approved.”

(Loans Draw Scant Interest, Register-Guard, David Steves, 7/23/10 emphasis added)

Democrats Figured the Loan Program Would Draw Interest...

“‘This bill rewards those small businesses that make the decision to hire new employees and accelerate those hiring decisions.  If demand for the fund is high, businesses may decide to hire new employees sooner rather than waiting,’ said Representative Arnie Roblan (D-Coos Bay).”

(News Release: House Passes Bill to "BOOST" Job Creation, House Democratic Office, 2/23/2010)

...But Maybe They Just Don't Understand Business.

“But small-business advocate Jan Meekcoms said BOOST isn’t generating a lot of interest because it doesn’t meet businesses’ most critical needs.

Meekcoms, Oregon director for the National Federation of Independent Businesses, said her organization conducted an exhaustive survey of businesses’ concerns and found that their top priority is not for help paying for new employees or equipment.

“‘We found most of the small businesses that wanted credit could get credit,’ she said. ‘The critical issue is a lack of customers — the need for more demand for goods and services.’

Until Oregon businesses are more confident that the economy is expanding, they’re not going to be hiring new workers, which means they wouldn’t be eligible for financing under the BOOST program, Meekcom said.”

(Loans Draw Scant Interest, Register-Guard, David Steves, 7/23/10)