Oregon committee reallocates $15M CHIPS funds for diverse industries

Oregon lawmakers are taking decisive action to bolster the state's economy by reallocating $15 million in leftover CHIPS funding to support small and medium-sized businesses that missed out on federal grants. During a recent meeting of the House Committee on Economic Development, Small Business, and Trade, committee members emphasized the importance of this funding for companies critical to the semiconductor industry, which is vital for Oregon's economic future.

The discussion highlighted that many businesses were excluded from the Oregon CHIPS program due to stringent eligibility requirements tied to federal grants. This new initiative aims to ensure that these companies, which play a crucial role in the semiconductor sector, receive the support they need to thrive. "This is just another step to keep that momentum going and keep the intention on the importance of semiconductors here in Oregon," one committee member stated.

In addition to the semiconductor focus, lawmakers are also advancing House Bill 2,322, which seeks to allocate remaining CHIPS funds to other targeted industries, including mass timber, bioscience, and food and beverage manufacturing. This bill aims to recognize and support sectors that are essential for job creation and economic growth in Oregon.

The committee's actions reflect a commitment to fostering a diverse economic landscape, ensuring that various industries receive the necessary resources to develop and succeed. As these bills move forward, they signal a proactive approach to economic development in the state, with an eye toward the future of manufacturing and innovation.