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Business Advancement

Source: PDF pp. 390-392 ↗ · raw: 390 · 391 · 392

Breadcrumb: Service Area Summaries > Community & Economic Development > Prosper Portland > Business Advancement

City of Portland Fiscal Year 2026-27 Proposed Budget Community & Economic Development > Prosper Portland > Business Advancement Business Advancement Budget Revenues by Fund 2023-24 Actuals 2024-25 Actuals 2025-26 Revised Budget 2026-27 Proposed Internal Revenues $1,957,534 $2,534,701 $3,267,662 $2,718,033 General Fund $1,957,534 $2,534,701 $3,267,662 $2,718,033 Grand Total $1,957,534 $2,534,701 $3,267,662 $2,718,033 Program Expenses by Major Object Program expenses only include personnel, internal materials and services, external materials and services, and capital. 2023-24 Actuals 2024-25 Actuals 2025-26 Revised Budget 2026-27 Proposed External Materials and $1,491,843 $2,093,622 $3,267,662 $2,718,033 Services Grand Total $1,491,843 $2,093,622 $3,267,662 $2,718,033 Program Description and Goals Prosper Portland's Business Advancement Team assists local businesses with development opportunities and technical support. This assistance enables businesses to grow and invest in Portland creating more living wage jobs, inclusive economic growth, and increasing the City's tax base. Programming supports businesses through tailored assistance, export assistance, diversity, equity and inclusion resources, business recruitment, and strategies for business growth and inclusive job creation. These priorities are implemented through initiatives such as Portland Means Progress, Enterprise Zone (E-Zone), industry-specific growth programming, international trade and investment, and growing public/private partnerships and relationships. To advance the goal of creating access to quality jobs and career pathway opportunities for Portlanders, the Business Advancement Team focuses its efforts through three primary objectives: 1) inclusive job creation, 2) business competitiveness, and 3) equitable economic growth. Inclusive Job Creation – Business recruitment and expansion activities support growth for businesses that create inclusive, quality jobs in growing industries here in Portland. 390

City of Portland Fiscal Year 2026-27 Proposed Budget Business Competitiveness – Portland has a competitive advantage in five priority industries: Athletic and Outdoor, Food & Beverage Manufacturing, Green Cities, Technology and Media, and Metals and Machinery Manufacturing. They are drivers of the city's economic growth, bringing quality jobs and career pathway opportunities to Portland residents. By creating industry-specific programming for the unique needs of growing businesses in Portland's competitive industries, the Business Advancement Team tailors direct assistance to maximize inclusive, quality job creation. Equitable Economic Growth – the Business Advancement Team's work supports businesses from early stage through growth and scaling. These long-term collaborations enable team assistance to change over time, meeting business needs and ensuring inclusive growth. Impact of Our Work By maintaining long-term relationships through supportive programming, the team achieves near-term outcomes: • From FY 2023-24 to FY 2028-29, the Business Advancement Team projected that it would help secure 25 new business expansions or business relocations to the city, creating at least 1,250 quality jobs for Portlanders. From FY 2023-24 through FY 2024-25, the Business Advancement Team secured 52 business expansions and relocations, exceeding the projected 5-year outcome. These expansions and relocations created 625 quality jobs. • The Enterprise Zone program is targeting $750 million of cumulative local investment and spending from FY 2023-24 to FY 2028- 29. This level of investment provides a significant influx of funds to the local economy, supporting local small businesses. It also contributes to the Portland tax base and provides additional funding back into the General Fund. From FY 2023-24 through FY 2024-25, the cumulative local investment and spend through Enterprise Zone and business expansion programs has exceeded $420 million, more than halfway to the five-year target in just one year. • In FY 2024-25, the Business Advancement Team provided 382 businesses with technical assistance related to growth or inclusion, exceeding its goal of 250 for that year. Services

  • Tailored Business Support – Provide access to financial resources, workforce development, market analysis, and identification of local supply-chain opportunities.
  • Business Expansion and Recruitment Support – Marketing Portland to site selectors and businesses, real estate and site development services, proactive recruitment of businesses from outside the region to relocate and expand into Portland.
  • Business Technical Assistance – One-on-one consulting services through our partnership with Oregon Manufacturing Extension Partnership (OMEP), industry-specific programming, manufacturing workforce grant pilot program, business networking, and business growth technical assistance.
  • Business Retention Strategies and Support – Business Retention & Expansion visits, proactive outreach and assistance to retain Portland's key traded sector employers, Business Retention Core Team (in partnership with Mayor's office).
  • Export Assistance – Educational resources, connections to partners, and participation in trade shows, resources for businesses to gain access to new markets and customers.
  • Business Convenings – Convene businesses to identify barriers and opportunities for business growth in Portland. Collaborate with priority industry partners, provide assistance, connect to public resources, or policy change.
  • Diversity, Equity, and Inclusion Business Support – Portland Means Progress initiative, businesses make commitments to hire local talent, purchase from local disadvantaged businesses, and create vibrant company cultures. Resources include programming, policy reviews, trainings, and connections to partners.
  • Enterprise Zone Program – Prosper Portland manages this statewide business incentive program on behalf of the City of Portland. It is one of the key tools for business recruitment and expansion.
  • Public Benefits Agreements – Businesses receiving financial incentives are engaged in public benefit agreements, which ensure that public resources invested in the growth of these businesses also result in broad-based benefits to the community. 391

City of Portland Fiscal Year 2026-27 Proposed Budget Equity Impacts The Business Advancement Team created a strategic framework that aligns closely with Advance Portland, the City's 5-year inclusive economic development strategy and is making significant gains in the implementation of the public benefit agreements and technical assistance programs such as Portland Means Progress and the Enterprise Zone Program. Since its inception in 2019, Portland Means Progress businesses have spent more than $495 million at local BIPOC-owned businesses and hired more than 1,290 interns. Portland Means Progress businesses make commitments to advance racial equity, join a community of local businesses invested in this work, and report back on their progress on an annual basis – keeping action and accountability at the core of the initiative. Businesses are required to commit to public benefits agreements through the Enterprise Zone program. Prosper Portland's engagement with dozens of non-profits related to entrepreneurship, workforce development, education, and community building allows businesses to quickly find the right partnerships to succeed in meeting public benefits requirements and maximize community benefits from the program. Changes to Program Shifts in programming include support for economic recovery and removing barriers for traded sector businesses that are experiencing operational challenges due to safety and livability concerns. The primary focus of the Business Advancement Team in FY 2026-27 will continue to be business retention. Additionally, programs and engagement will be adjusted to align with updates to Advance Portland. Resources

  • General Fund: Prosper Portland's ongoing General Fund for the Business Advancement Team is projected at a similar level as FY 2025-26.
  • Enterprise Zone: Funds are meant to support programs during recessions and when there is insufficient funding from the City General Fund. Enterprise Zone resources are one-time in nature and are depleted as expenses significantly outpace new revenue in the current economic climate. 392

Parent: Prosper Portland · PDF: pp. 390-392 ↗