Strategic Reserve Fund
The Strategic Reserve Fund (SRF) is a discretionary tool funded by lottery dollars used for a variety of projects impacting economic development, and can be sorted into two different categories. Given the diverse projects supported, each investment will have different requirements. Projects considered for the SRF-funding are typically brought forward by our regional development officers and then put through an extensive internal vetting process, with projects ultimately going to the Governor's desk for final approval.
Projects in this category are focused on business retention and expansion, tying the award to direct job retention and creation requirements as the primary outcome. Job requirements are required in the performance agreement executed with the company. Then, Business Oregon checks Employment Department data to verify the company, in fact, did what they agreed to do in terms of job creation and retention. The agreements also commonly contain requirements associated with elements like project timeline, first-source hiring agreements, equipment purchase, etc. They will also often include public benefits requirements are to ensure the benefits of our public investments are widely-shared within the community impacted, and encourage a partnership model with the private sector to address economic gaps, inequities, or lack of employment access. All projects undergo a financial review, and there is an evaluation of the return on investment for each project.
This category includes projects that invest in broader industry capacity building, actionable research, industry studies, emergency response related to economic development, small business initiatives, etc. Capacity-building projects do not have direct job creation requirements as it is not the primary purpose of the investment, but will have deliverables outlined in the agreements.
Oregon Economic Development
Category: OR State Incentives
More OR State Incentives