PORTLAND’S GOT SOUL

WORK TO SUPPORT THE ECONOMIC GROWTH, COMMUNITY AND OPPORTUNITY OF PORTLAND’S SOUL.

BY U.S. SENATOR RON WYDEN PHOTOGRAPHY FLOSSIN MEDIA

Last month, on the day we honor the life and work of Dr. Martin Luther King Jr., I got the chance to learn more about the incredible work being done for BIPOC-owned businesses in the Soul District, right here in my hometown of Portland, OR. As we recognize Black History Month this year, let’s make sure we all support the economic growth and community that is Portland’s Soul.

I was proud to secure, along with my colleague Senator Merkley, $750,000 for the Soul District Business Association (SDBA) so this phenomenal organization can continue to support Portland’s business owners and entrepreneurs from marginalized communities. I heard from SDBA Director, priority

John Washington, that more than 200 Black-owned small businesses have opened up shop in the Soul District with SBDA’s help. Supporting these entrepreneurs should be a priority for the future of our city and our state at large.

Post-pandemic, we must use every tool to ensure small business owners— particularly BIPOC and women business owners—get a fair shake in having access to capital, finding resources, and receiving mentoring. Women and BIPOC-owned businesses represent some of the fastest growing parts of our economy. However, they are often unfairly stuck competing for the same scarce sources of seed money, have been historically turned away from crucial resources, and as a result, have access to fewer mentors who share their life experiences. Consequently, many women and BIPOC-owned businesses start small and stay small.

Last year, I introduced legislation to protect small business borrowers from bogus lenders and loans that prey on business owners who have been turned away from trusted sources of capital. I am also using my role as Chair of the U.S. Senate Finance Committee to help give entrepreneurs a leg up by proposing two new tax incentives to shift the market and unlock the growth potential of new small businesses. The first is a first-ever tax credit that would subsidize 25% of wages, allowing entrepreneurs to expand with competitive pay for employees without breaking the bank. The second is an investment tax credit of up to 50% of the dollars invested, which would support investors taking a chance on first-time business owners.

Starting and getting a business off the ground is incredibly difficult, but here in Portland, many of us look forward to supporting the local places that make our city and our state so special. I firmly believe these tax credits would grow Oregon’s women and BIPOC-owned small business economies and create jobs here. I’m fighting to secure resources for hardworking small business owners and innovative entrepreneurs in the Soul District and beyond to give them a fair shot at competing and thriving in the global economy, now and in the future.