Oregon
Rule Rule 123-092-0020
Definitions


For the purposes of these rules additional definitions may be found in Procedural Rules, OAR 123-001-0050 (Definitions). For purposes of this division of administrative rules, unless the context demands otherwise:
(1) “Applicant” means any person or any combination of persons applying for a loan from the Oregon Royalty Fund.
(2)(a) “Business development project” means:the acquisition, engineering, improvement, rehabilitation, construction, operation or maintenance of any property, real or personal; or providing for working capital, that is used or will be used by an Oregon Growth Business to support its growth.
(b) Specifically excluded from the definition of business development project is any use of funds for:
(A) relending; or
(B) expenditure for personal purposes, including the refinancing of personal debt or debt not otherwise incurred for business purposes.
(3) "Finance Committee” means the Finance Committee whose members are appointed by the Chair of the Oregon Business Development Commission as outlined in OAR 123-001-0520 (Finance Committee for the Commission). Regarding the approval, setup, documentation, or issuance of a new loan from the ORF in a principal amount of $250,000 or less, “Finance Committee” means the Director of the Oregon Business Development Department or the Director’s designee.
(4) “Local Development Group” means any contracted group based in Oregon that is a:
(a) public or private corporation that has as one of its primary purposes, as stated in its articles of incorporation, charter or bylaws, the promotion of economic development in any part of the State of Oregon.
(b) Angel or venture fund or group, or
(c) local or regional business incubator or accelerator that, in the sole discretion of the Department, targets early stage, high-growth oriented, traded sector companies.
(5) “Oregon Growth Business” means an Oregon business with 50 or fewer full-time-equivalent employees that is in the traded sector or that primarily supports traded sector industries.
(6) “Oregon Royalty Fund” or “Fund“ or ”ORF" means the Small Business Expansion Loan Fund established in Section 2 of Oregon Law Chapter 71 2018.
(7) “Person” means any individual, association of individuals, joint venture, partnership, limited liability company or corporation.
(8) “Traded sector” has the meaning given that term in ORS 285A.010 (Definitions for ORS 284.101 to 284.148 and ORS chapters 285A, 285B and 285C).
(9) “Traded sector activities” means activities that produce goods or services for the traded sector.
Source
Last accessed
Aug. 8, 2020