OR HB2890

Authorizes the Oregon Innovation Council to make grants providing seed and start-up capital and gap funding to small businesses (100 or fewer employees) in rural areas to support invention, innovation, and economic development

Defines "rural area" as locations entirely outside the Portland Metropolitan Area Regional Urban Growth Boundary and urban growth boundaries of cities with populations of 30,000 or more

Establishes the Oregon Fund for Rural Small Business Development in the State Treasury, with moneys continuously appropriated to the Council for the grant program

Requires grant applicants to verify they spend at least 50% of payroll on employees who are rural area residents and demonstrate alignment with regional business strategies and workforce development objectives

Grants preference to applicants demonstrating partnerships with schools, research institutions, and public/private entities to support rural innovation and economic development