On March 17, 2025, the Joint Committee on Ways and Means Subcommittee on Transportation and Economic Development convened to discuss significant funding initiatives aimed at bolstering Oregon's economic landscape. The meeting highlighted various programs designed to enhance innovation, support small businesses, and foster regional development.

A key focus of the meeting was the Oregon Inc. initiative, which is seeking funding for the upcoming biennium. The committee discussed a previous commitment of $5.9 million that helped secure a $41 million grant from the Economic Development Administration (EDA) for mass timber projects. This funding is part of a broader strategy to support innovation through the establishment of Centers of Innovation Excellence (CIEs) and Regional Innovation Hubs. These centers are designed to address strategic sectors such as biosciences, semiconductors, and additive manufacturing, with the aim of creating a robust ecosystem for research and development.

The Oregon Growth Board was also a significant topic of discussion. This board oversees the Oregon Growth Fund, which invests in smaller, Oregon-based funds to support local companies. The fund has successfully returned $12 million to state education programs in the last biennium and is projected to contribute $11 million in the current cycle. The board's efforts have been instrumental in establishing venture capital funds that have collectively supported over 82 startups, creating thousands of jobs in the process.

Additionally, the meeting addressed the importance of technical assistance programs that provide support to small businesses, particularly in the wake of the COVID-19 pandemic. These programs have facilitated access to capital and resources for thousands of businesses across the state. The committee noted that in 2024 alone, these initiatives helped secure approximately $90 million in funding for various enterprises.

Rural entrepreneurship initiatives were also highlighted, with competitive grants aimed at fostering business development in underserved areas. The program has already supported over 1,000 entrepreneurs and contributed to the creation of new businesses and jobs in rural communities.

In conclusion, the discussions during the meeting underscored Oregon's commitment to economic development through strategic funding and support for innovation. As the state prepares for the upcoming biennium, the focus remains on ensuring that resources are effectively allocated to foster growth, support small businesses, and enhance the overall economic landscape of Oregon. The committee's next steps will involve finalizing budget recommendations and continuing to monitor the impact of these initiatives on the state's economy.