For the purposes of these rules additional definitions may be found in Procedural Rules, OAR 123-001-0050. For purposes of this division of administrative rules, unless the context demands otherwise:
"Applicant" means any person or any combination of persons applying for a loan from the Oregon Royalty Fund.(2)"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 is suitable for use by an economic enterprise and is located in Oregon. Funds may not be used for personal uses.
"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. 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 Directors designee.
Oregon Royalty Fund or Fund" or "ORF" means the Small Business Expansion Loan Fund as defined and set forth in Oregon Law Chapter 71 2018.
"Local Development Group" means any contracted group based in Oregon that is 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.
Angel or venture fund or group, or
local or regional business incubator or accelerator that, in the sole discretion of the Department, targets early stage, high growth oriented, traded sector companies.
"Person" means any individual, association of individuals, joint venture, partnership, limited liability company or corporation.
"Traded sector" has the meaning given that term in ORS 285A.010.
"Traded sector activities" means activities that produce goods or services for the traded sector.