State Small Business Credit Initiative (SSBCI) Business Oregon Venture Fund Program

The Oregon Business Development Department, operating as Business Oregon, is soliciting proposals under the State Small Business Credit Initiative (SSBCI) to establish the Business Oregon Venture Fund Program. This initiative aims to deploy approximately $10 million in federal SSBCI capital through a newly established venture capital fund targeted exclusively at supporting Oregon-based small businesses. The program is funded primarily by the second and third tranches of federal SSBCI funds anticipated in 2024 and 2026 under the American Rescue Plan Act of 2021. The selected entity will serve as general partner managing the fund with Business Oregon as limited partner and is required to have venture capital investment experience and a presence in Oregon. Additionally, the fund must comply with stringent SSBCI guidelines, including a requirement that at least 90% of investments directly benefit companies located within Oregon. The contract term is expected to be ten years, with the possibility of extensions, and proposals will be reviewed quarterly with the solicitation remaining open until all funds are fully awarded or until November 1, 2029. This solicitation includes comprehensive compliance obligations governed by federal and state laws, civil rights statutes, and specific Oregon regulations including those applicable to tax compliance and procurement policies. Proposers must complete detailed certifications covering business status, non-discrimination policies, legal history, and outreach efforts to disadvantaged business enterprises (COBID-certified firms). Reporting requirements include quarterly and annual compliance and impact reports tied to SSBCI funding. The solicitation package encompasses attachments for proposer information, responsibility inquiries, outreach plans, disclosure affidavits, and optional submission of key personnel resumes. The contract framework emphasizes confidentiality protections, intellectual property ownership by the Department, force majeure provisions, and a survival clause for key obligations post-termination. Submission instructions mandate electronic proposals via OregonBuys, capped at 20 pages excluding attachments, with clear formatting and file size limits. Business Oregon reserves the right to award one or more contracts based on qualifications and compliance with program objectives geared toward fostering venture capital investments in Oregon’s small business ecosystem.