$1 Million Boost: CHIPS Act Funding option for small, mid-size companies

“Oregon is going to make the most of this historic opportunity – and that includes supporting the innovators who deserve access to the CHIPS Act funds and need support to navigate all of the federal requirements,” Kotek said.

The grant program, which will be funded through Business Oregon’s Strategic Reserve Fund, is part of a larger strategy to ensure Oregon firms are allocated as much of the federal funding as possible.

Kotek said she is also urging the Oregon Legislature to pass a significant investment to help Oregon seize this moment – her recommended budget includes $200 million to create a new Opportunity Fund for advanced manufacturing business expansion and recruitment, particularly semiconductor firms taking advantage of the federal CHIPS Act.

“The national movement to expand domestic semiconductor production is great news for Oregon,” Kotek said. “We can and will continue to be a global leader in advanced manufacturing and semiconductor innovation.”

Business Oregon is now developing the final rules and processes for the $1 million program. The funding will be distributed as grants to private semiconductor firms in Oregon to help with costs associated in preparing an application, including third party costs or professional services.

The program will consider how applicants will serve historically underserved groups to create family-wage manufacturing jobs.

Business Oregon will also offer information sessions to Oregon businesses to help them maximize the federal CHIPS Act funding awards. Over the course of the next four years, Business Oregon Regional Development staff will act as concierges to small and mid-sized businesses in Oregon applying for CHIPS Act funding, providing both funding and technical assistance, directly and through economic development partners.

For more information, visit Business Oregon’s website here.