Committee hears support, concerns for bill creating Industrial Site Loan Fund to prepare industrial land

SALEM, Ore. — The House Committee on Economic Development, Small Business and Trade held an informational session and public hearing on Monday, Feb. 10, on House Bill 24‑11, which would create an Industrial Site Loan Fund (ISLF) administered by Business Oregon and would provide repayable financing to prepare industrial land for development.

Business Oregon staff described the fund as “patient capital” designed to pay upfront costs — including property acquisition, utility and transportation improvements, environmental remediation and wetlands mitigation — that frequently block industrial projects. Colin Sears, Global Trade and Investment Manager at Business Oregon, told the committee the program is modeled on the state’s semiconductor industrial lands program and would be a revolving loan fund rather than forgivable grants.

“The bill allows for interest‑bearing loans with flexible terms,” Sears said. He added the statute requires repayment, and that payments would begin no later than seven years after project completion.

Committee members and witnesses said a state loan program could unlock sites that cities and ports cannot afford to prepare on their own. Andrew Desmond, economic development policy director at the Oregon Business Council, called HB 24‑11 “a modest but important” step to address a statewide backlog of site readiness estimated by task forces and industry…