Governor's Strategic Reserve Fund (SRF)

Governor's Strategic Reserve Fund (SRF)

Program Type: Discretionary economic development funding tool

Overview: The Governor's Strategic Reserve Fund (SRF) is a discretionary tool used for a variety of projects impacting economic development. Projects considered for funding are put through an extensive internal vetting process and ultimately submitted to the Governor for final approval.

Geographic Scope: Oregon

Funding Categories

1. Job Creation/Retention

Focus on business retention and expansion

Performance agreement outlines direct job creation and retention requirements

All projects undergo financial review, including evaluation of return on investment

2. Capacity-Building

Invest in broader industry capacity building

May include actionable research, industry studies, emergency response related to economic development, and small business initiatives

Direct job creation is not a requirement

Performance agreement outlines specific project deliverables

Public Benefit Components

All SRF projects now have public benefit components as part of the contract and are tied to loan forgiveness when applicable. While the entire project is meant to be a benefit to the public, public benefit components are separate elements of the contract. These include:

• Career ladder programs with documented internal hiring targets
• Targeted job recruitment to underserved populations
• Adopted diversity, equity, and inclusion plans
• First-source hiring agreements
• Contributions to local non-profit organizations

Components are designed to leverage existing shared values and goals between a business and community and may vary depending on their needs.

Contact

Administering Agency: Business Oregon

Website: https://www.oregon.gov/biz/programs/SRF/Pages/default.aspx