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Reimagine Oregon

Source: PDF pp. 404-406 ↗ · raw: 404 · 405 · 406

Breadcrumb: Service Area Summaries > Community & Economic Development > Prosper Portland > Reimagine Oregon

City of Portland Fiscal Year 2026-27 Proposed Budget Community & Economic Development > Prosper Portland > Reimagine Oregon Reimagine Oregon Budget Revenues by Fund 2023-24 Actuals 2024-25 Actuals 2025-26 Revised Budget 2026-27 Proposed External Revenues $0 $0 $2,151,460 $2,044,760 Recreational Marijuana $0 $0 $2,151,460 $2,044,760 Tax Fund Grand Total $0 $0 $2,151,460 $2,044,760 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 $0 $2,358,765 $2,151,460 $2,044,760 Services Grand Total $0 $2,358,765 $2,151,460 $2,044,760 Program Description and Goals The Reimagine Oregon Economic Opportunity Investment Fund Grant Program (the “Reimagine Oregon Program”) supports community economic development activities in accordance with City of Portland code 6.07.14, prioritizing the award of grants that will accelerate business growth and entrepreneurship, build community wealth and economic empowerment, and create anchor projects that enhance community engagement and collaboration. Eligible entities within the city of Portland may be for-profit and nonprofit businesses. The Reimagine Oregon Program furthers the following Advance Portland strategic objectives:

  • Objective 2: Promote equitable wealth creation by supporting small businesses and entrepreneurs with documented disparities in business ownership and growth to start and grow businesses through partnerships, capital, and relevant support.
  • Objective 3: Foster a vibrant Central City and neighborhood commercial districts with tailored strategies to reimagine and revitalize our commercial centers and corridors as vibrant nodes of employment, small business, entertainment, and cultural amenities. The desired impact for the Reimagine Oregon Program, pursuant to the Reimagine Oregon Program guidelines, adopted by the Prosper Portland Board of Commissioners by Resolution No. 7522 on February 14, 2024, is to:
  • Ensure economic opportunities and capital are made increasingly available.
  • Reconstruct and revitalize the Portland economy.
  • Support entrepreneurs with scaling their businesses. 404

City of Portland Fiscal Year 2026-27 Proposed Budget

  • Create multi-generational wealth opportunities.
  • Meet business needs for capital and growth.
  • Expand assistance to and resilience of businesses in need of economic support.
  • Increase access to business and property ownership, real estate, financing, and partnerships with a focus on growing wealth more equitably via inclusive networks. Grant amounts range from $5,000 to $300,000, except for anchor projects, which may range from $50,000 to $700,000. The grant program offers two tracks: Track 1: For-Profit Business Funding Opportunity to Accelerate Business Growth & Entrepreneurship • Standard grants will support for-profit businesses in strengthening and growing existing work and the scaling of new businesses. Strong proposals will promote entrepreneurship, job creation, and economic growth in Portland. • Anchor project grants will support local large-scale innovative initiatives designed to serve as a catalyst for economic growth and community development in Portland. These projects typically involve significant investment and collaboration among various stakeholders, including government agencies, private businesses, non-profits, and community organizations. Their primary goals are to stimulate job creation, enhance infrastructure, attract new businesses, and revitalize neighborhoods. Track 2: Nonprofit Organizations Funding Opportunity to Build Community Wealth and Economic Empowerment • Standard grants will support non-profit organizations and those under a fiscal sponsor that are focused on building community wealth, promoting economic empowerment, and supporting social enterprises. • Anchor project grants will have a lasting impact on the community engagement efforts and provide local opportunities for collaboration and scalability. Funds will help to create a diverse range of opportunities for various stakeholder community groups, to gather and organize around business development expertise and efforts to drive economic growth in Portland. Services For profit business grants; nonprofit grants; technical assistance for grantees Equity Impacts The program collects various economic development metrics related to the grants, including: • FY 2024-25: 53 grants at $6,325,000 total • FY 2025-26: 25 grants at $1,350,000 total • 280+ proposed jobs created/retained by FY 2025-26 grantees • 350+ proposed businesses supported by FY 2025-26 grantees Additionally, the program maintains a strong standard for engagement. For FY 2025-26, the Reimagine Oregon program hosted a series of virtual office hours and engaged more than 300 community members to answer questions about the grant program and application process. Grantees are also supported with connections to business advancement opportunities across all Prosper Portland's programs. Equitable goals include:
  • Increased & equitable access to capital: Eliminating financial barriers and implementing trust-based, community-focused financial programs guarantee wider and more equitable access to capital.
  • Reduced wealth gap: The program's investments in businesses and community members who identify as being disproportionately impacted by cannabis prohibition will contribute to closing the racial wealth gap.
  • Enhanced community development & engagement: Investments in initiatives that strengthen community bonds by creating spaces and experiences, facilitating resource sharing and collective growth, and overcoming geographic barriers exacerbated by gentrification enhance the community. 405

City of Portland Fiscal Year 2026-27 Proposed Budget

  • Education for wealth creation: Investments in accelerating programs that educate the community on effective methods for improving financial literacy and driving generational wealth. Changes to Program At the direction of Portland City Council, administration of the program and program funding transferred from the Office of Community and Civic Life to Prosper Portland in June 2023. Resources
  • Recreational Cannabis Tax (RCT) Fund: Prosper Portland's portion of the Recreational Cannabis Tax Fund is projected to stay at FY 2025-26 funding levels in the forecast years. Federal cannabis regulations may impact the ability of this program to continue. 406

Parent: Prosper Portland · PDF: pp. 404-406 ↗