ORS 285B.133
Small Business Expansion Loan Fund
- purposes
- sources of moneys
- special transfers to and from fund
(1)
The Small Business Expansion Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Small Business Expansion Loan Fund shall be credited to the fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the following purposes:(a)
Payment of loans to applicants approved under ORS 285B.130 (Loans from Small Business Expansion Loan Fund).(b)
Payments to local development groups for the purposes of this section. A payment under this paragraph may not exceed one percent of the principal loan amount from which payment is required under ORS 285B.130 (Loans from Small Business Expansion Loan Fund) (5)(b).(c)
Administrative costs of the department incurred in marketing the loan program, processing loan applications, investigating eligibility of applicants and servicing outstanding loans.(2)
The Small Business Expansion Loan Fund consists of:(a)
Fees collected by the department under ORS 285B.130 (Loans from Small Business Expansion Loan Fund);(b)
Payments required under ORS 285B.130 (Loans from Small Business Expansion Loan Fund) (5)(b);(c)
Moneys repaid by recipients of loans from the fund, including interest on those moneys and other receipts;(d)
Moneys appropriated to the fund by the Legislative Assembly;(e)
Moneys transferred to the fund by the Oregon Business Development Commission from the Oregon Business Development Fund pursuant to subsection (3) of this section;(f)
Income earned on moneys in the Small Business Expansion Loan Fund;(g)
Moneys transferred to the fund from the federal government, other state agencies or local governments; and(h)
Any gifts or donations made to the State of Oregon for deposit in the fund.(3)
The Oregon Business Development Commission may transfer moneys credited to the Oregon Business Development Fund created under ORS 285B.092 (Oregon Business Development Fund) to the Small Business Expansion Loan Fund established under this section when the commission determines that the transfer is reasonable and financially appropriate and would not impair the making of loans under ORS 285B.050 (Definitions for ORS 285B.050 to 285B.098) to 285B.098 (Status of loan to county or municipality). Moneys transferred under this subsection shall be used by the Oregon Business Development Department for the purpose of making loans under ORS 285B.130 (Loans from Small Business Expansion Loan Fund).(4)
Notwithstanding any other provision of law, if at any time there are insufficient funds in established business finance programs, the department may direct the transfer of unobligated funds from the Small Business Expansion Loan Fund. [2018 c.71 §§2,3]
Source:
Section 285B.133 — Small Business Expansion Loan Fund; purposes; sources of moneys; special transfers to and from fund, https://www.oregonlegislature.gov/bills_laws/ors/ors285B.html.
Up to date