Capital Overall
This section of the web report provides an overview of the data sources analyzed throughout this report that can be shown for the state of Oregon overall, agnostic of industry cluster or geographic region. This section provides less detailed analysis than the industry cluster sections; instead it organizes state-level capital data for ease of review. Each data set presented here includes a short description of that data set, the findings, and noted limitations/consideration. We have organized these data so that they are data interactive.
Annual Business Survey (Capital Demand)
While the Oregon Capital Scan focuses on capital supply, it is also useful to understand the broader dynamics of capital demand in the economy. The Annual Business Survey is a national survey of business conducted by the Census Bureau and helps provide some of this context.
In 2022, almost one in every five businesses surveyed in Oregon reported needing additional financing. Compared to peer states, Oregon businesses had the highest rate of applying for additional financing. Two out of three Oregon businesses that identified the need for additional financing applied for it. The share of businesses that needed financing but chose not to apply was roughly in line with other peer states, as seen Figure 1 .
In Oregon, businesses in the Information, Transportation and Warehousing, and Accommodation and Food Services industries were most likely to report needing additional financing (see Figure 2).
As seen in Figure 3, businesses in Wholesale Trade, Transportation and Warehousing, Manufacturing, and Agriculture, Forestry, Fishing and Hunting were most likely to apply for additional financing, given the need. Businesses in the Arts, Entertainment, and Recreation and Retail Trade sectors, were least likely to apply for financing, even if they identified the need for it.
Need for additional capital
The most commonly cited reason for not applying for additional financing was to avoid accruing debt Figure 4. Firms also cited high financing costs and concerns about not being approved by a lender. In industries such as Agriculture, Forestry, Fishing and Hunting a large share of firms reported preferring to reinvest profits in the business or deciding to wait until funding conditions improved.1
Source: U.S. Census Bureau (2022)
Oregon Overall Pitchbook
The Pitchbook data on Oregon’s capital landscape is incomplete, as many reported deals in this dataset lack associated dollar values, limiting the ability to assess total investment volume. Even so, the number and type of deals over time reveal a distinct pre- and post-COVID capital environment. Across early-, mid-, and late-stage financing, investment activity peaked around 2021, reflecting the broader surge of capital during that period, and has since tapered as market conditions seek a new normal. Despite gaps in the data, the general pattern indicates a contraction in new capital infusions following the pandemic-era peak.
Oregon Overall Pitchbook Early-Stage
Pitchbook data reports an increase in the number of deals from 2015 through 2023, with a reported amount of dollars (primarily seed), peaking in 2021. There are relatively few reported angel deals
Source: PitchBook Data (2015-2025 YTD)
Source: PitchBook Data (2015-2025 YTD)
Oregon Overall Pitchbook Mid-Stage
Source: PitchBook Data (2015-2025 YTD)
Source: PitchBook Data (2015-2025 YTD)
Oregon Overall Pitchbook Late-Stage
Source: PitchBook Data (2015-2025 YTD)
Source: PitchBook Data (2015-2025 YTD)
Community Reinvestment Act (CRA) for Oregon Statewide
The Community Reinvestment Act (CRA) data captures lending activity from regulated financial institutions across Oregon, but does not account for all forms of commercial lending in the state. Reported CRA lending fluctuated during the pandemic years, with total loan counts and values rising sharply in 2020 and 2021 as federal relief programs flowed through banks. Since then, reported activity has moderated, suggesting a return to more typical levels of bank-based small business lending.
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CDFI Loans for Oregon Statewide
Community Development Financial Institutions (CDFIs) are federally recognised private-sector, financial intermediaries with community development as their primary mission2. CDFIs help invest federal dollars alongside private sector capital into supporting economically disadvantaged communities. Over the course of fiscal year 2022, CDFI institutions provided almost $150 million in business loans to 540 businesses and $36 million as lines of credit in Oregon. Nearly all of this funding was through the Rapid Response Program, a pandemic recovery program to deliver emergency support to distressed and underserved communities suffering from COVID-19 pandemic-related hardships. Finally, only two organizations accounted for 83% of the total CDFI business credit dollars provided in FY2022, however CDFI data does not provide the information for who these two organizations might be.
It should be noted that $63 million, or 40%of the total credit provided, was guaranteed under various Small Business Administration programs and are likely to be represented in SBA data analysis within the Capital scan
SBIR/STTR
Also known as America’s Seed Fund, the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs fund small businesses and start-ups in a range of industries to “stimulate technological innovation, meet Federal research and development (R&D) needs, and increase commercialization to transition R&D into impact.”3. Both of these programs are coordinated by the U.S. Small Business Administration (SBA) and awarded through the following federal agencies: U.S. Department of Agriculture, Department of Commerce, Department of Defense, Department of Education, Department of Energy, Health and Human Services, Department of Homeland Security, Department of Transportation, Environmental Protection Agency, National Aeronautics & Space Administration, National Science Foundation
- SBIR: Small Business Innovation Research Program, a competitive awards-based program that includes both grant and contract funding.
- STTR: Small Business Technology Transfer Program, a competitive awards-based program that includes both grant and contract funding. Unlike SBIR, the STTR program requires applicants to be partnered with a non-profit research institution, typically a university or Federal Laboratory. Note: only DOD, DOE, HHS, NASA, and NSF agencies currently give funding through this program.
- Phase I: “Proof of Concept” - (6-12mos) This phase aims to determine the merit (scientific/technical), feasibility, and commercial potential of the proposal. It looks at the quality of the recipient’s performance prior to giving more support in Phase II.
- Phase II: “Technology Development” (24 mos) This phase continues the efforts from Phase I. The funding amount depends on results from Phase I, and the merit/potential of the proposal for Phase II.
A total of 57 companies were awarded in the SBIR or STTR programs in Oregon in 2024, some receiving both Phase I and Phase II awards. For context, on average, 4,000 companies nationally are awarded grants each year. The majority of awards given in Oregon were from the SBIR program. Phase II projects generally received a higher average award amount, as this phase of the program is based on Phase I work and has a longer duration (24 months).
Federal SBIR and STTR funds are generally restricted to technical aspects of a business. These federal funds often don’t include financial support for broader business needs such as customer engagement, marketing, business development, or operational scale-up. The Oregon Innovation Council (Oregon InC) manages the state-funded SBIR and STTR Matching Grant Program to provide flexible resources to help Oregon-based businesses advance their SBIR- and STTR-funded technologies toward commercial readiness and long-term success. Between 2021 and 2025, Oregon InC provided $5.1 million in state-backed grants to 70 different companies. This helped secure $58.5 million in federal grants, about a quarter of total federal SBIR and STTR dollars awarded in the state during the period.
Source: U.S. Small Business Administration (SBA) / U.S. Federal Government (2005-2025 YTD)
Source: U.S. Small Business Administration (SBA) / U.S. Federal Government (2005-2025 YTD)
Source: U.S. Small Business Administration (SBA) / U.S. Federal Government (2005-2025 YTD)
References
Federal Financial Institutions Examination Council (FFIEC). 2016-2023. “Community Reinvestment Act (CRA) Disclosure Data.” 2016-2023. https://www.ffiec.gov/data/cra/flat-files.
PitchBook Data, Inc. 2015-2025 YTD. “PitchBook Private Capital Markets Database.” 2015-2025 YTD. https://pitchbook.com. Accessed November 3, 2025.
U.S. Census Bureau. 2022. “Annual Business Survey (ABS).” https://www.census.gov/programs-surveys/abs.html.
U.S. Small Business Administration (SBA) / U.S. Federal Government. 2005-2025 YTD. “Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs.” 2005-2025 YTD. https://www.sbir.gov/awards.
Footnotes
The stage and maturity of a business can influence its need for additional financing. The ABS is a survey of businesses across stages and maturity levels↩︎
Visit www.cdfifund.gov for more information!↩︎
Visit www.sbir.gov for more information!↩︎