Tuesday's announcement that Oregon can receive $16.5 million in State Small Business Credit Initiative funds is good news. It will be great news if those funds spur private lending, which then prompts investment and leads to additional jobs in the Gorge.
Deputy Secretary of the Treasury Neal S. Wolin explained that the funds will provide "critical support to state-level programs that help expand small-business lending and spur private sector job creation."
In theory that's a good thing. Now it's up to Oregon and other states to put the money to work.
It takes capital for businesses to expand. The SSBCI funds, in part, are designed as in impetus for private lenders. States use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that otherwise are not getting the loans they need to expand and create jobs.
More specifically, some of Oregon's allocation will go to the Oregon Capital Access (CAP) Program. CAP helps lenders make more commercial loans to small businesses and provides capital for start-up or expansion - funds for most business purposes.
Coming off Mr. Toad's wild ride - otherwise known as the recent activity of the Dow Jones Industrial Average - it's good to get news about a program that could help in the economic recovery and not spark more uncertainty.
Kids times 3
Fun! Games! Ice cream!
Certainly Aug. 19 will NOT be one of those days when people can say "There's nothing to do for kids in this town."
Not one but three family-oriented events are happening in Hood River on Friday:
The library's ice cream party (details on page A5, Library Notes)
Kids' Carnival at Hawks Ridge - children 12 and under and parents are welcome from 9-11 a.m.
Family Fun Day at Jackson Park, from 11 a.m. to 3 p.m. (Details on page A1.)
The organizers behind all three deserve credit for putting together these free fun events. We'll try to hit all three and even provide some video (hoodrivernews.com) to give readers a feel for what looks like a frenzied day.