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PORTLAND, Ore. -- Mayor Sam Adams struck a populist tone in his State of the City address, promising public funds to "germinate" small business growth as banks continue withholding credit.
He also said for the first time in his public service career, Portland's special interests and business community leaders all agreed with government and voters on the single, biggest issue facing City Hall: jobs.
One year into his term, the mayor said he'd focus undivided attention on bringing employment back to Portland after a year of double-digit joblessness and political scandal. State of the City transcript
"We are being battered by a hundred-year global economic storm," Adams said.
Other cities have recently announced direct investment to spur economic growth and Adams announced a similar plan for Portland to augment other efforts at economic stimulus, including the "Buy Local" initiative.
In December, Lake Oswego launched the
with a $1 million investment, directly funneled to local banks, aimed at growing small businesses and the jobs they create.
Adams pledged half that amount toward seeding small business growth in Portland.
The Portland Small Business Seed Fund will focus on "modest" companies that require credit for job creation and investment. Adams described a $500,000 fund for the business owner needing between $10,000 and $20,000. He also said the plan was in direct response to a "frozen fiscal environment."
"I challenge all those banks and financial firms, with their feel-good, 'we-have-money-to-lend-small-businessess,' ads to match Portland's up-front investment," the mayor said.
KGW Reporter Wayne Havrelly contributed to this article.
