Miles Fiberglass lands Boost for wind business

Business Oregon, the Oregon Business Development Department, has awarded a total of $75,000 in grants to two small businesses under the new Boost program.

Miles Fiberglass & Composites received $50,000, which will support the creation of 20 jobs. The Happy Valley maker of composite and fiberglass products currently employs 75, and recently broadened its manufacturing capabilities to serve the wind energy sector.

Lieb Foods was awarded a $25,000 grant, which will help create 10 jobs at the Forest Grove packager of jams, sauces, bottled teas and juices. Lieb currently employs about 60 people.

The Boost program, launched on June 1, was created in early 2010 under House Bill 3698 to provide loans and grants to businesses with fewer than 100 employees that have the potential to add jobs. Small businesses have been particularly hard hit during the credit crisis, as lenders dramatically reduced access to capital to what they deemed high-risk applicants.

Through a $150,000 revolving loan fund, businesses that meet Boost qualifications may receive fixed-rate financing for up to four years. To qualify for grants, employers must create and retain new full-time jobs for a period of at least six months; be in a traded-sector business in manufacturing, processing or distribution; and demonstrate that their employees are paid comparable wages.

To date, Boost has received six loan applications totaling $500,000 and six grant requests.