Relating to small business economic development in rural areas of the state.

Authorizes the Oregon Innovation Council to make grants to small businesses for seed and start-up capital and gap funding to create and support invention, innovation and economic development in rural areas of this state. Authorizes the council to provide monetary awards to the winners of contests that are designed to attract invention, innovative and entrepreneurial solutions and opportunities in rural areas of this state. Establishes the Oregon Fund for Rural Small Business Development. Continuously appropriates moneys in the fund to the council to implement the grant program.