ORS 285B.746
Conditions for loan approval
Amended by HB 4015
Effective since March 2, 2022
Relating to entrepreneurial development loans; amending ORS 285B.746, 285B.749 and 285B.753 and sections 28 and 29, chapter 10, Oregon Laws 2020 (second special session); repealing sections 4 and 5, chapter 20, Oregon Laws 2021; and declaring an emergency.
(1)
The Oregon Business Development Department may approve a loan requested in an application filed under ORS 285B.743 (Application for entrepreneurial development loan) if, after investigation, it finds that:(a)
The applicant is enrolled in a small business management program with a small business development center or certified entity;(b)
The applicant has prepared a business plan for the business, which has been reviewed by a small business development center or other entity certified by the department to review business plans; and(c)
The applicant is not effectively owned or controlled by another business entity or other person that, either by itself or when combined with the applicant, is not eligible for a loan under ORS 285B.740 (Legislative intent) to 285B.758 (Oregon Entrepreneurial Development Loan Fund).(2)
In addition to the requirements for loan approval described in subsection (1) of this section, in order to obtain a loan under ORS 285B.740 (Legislative intent) to 285B.758 (Oregon Entrepreneurial Development Loan Fund), an applicant must also satisfy one of the following conditions:(a)
The business must have annual revenues of $1,500,000 or less in the 12-month period immediately preceding the date of application.(b)
The business or proposed business must be owned, in whole or in part, by a person certified as having a severe disability by the Department of Human Services or the Commission for the Blind.(c)
The applicant must submit proof to the Oregon Business Development Department that the applicant is a veteran who:(A)
Has a United States Department of Veterans Affairs total disability rating of at least 70 percent as a result of an injury or illness that the veteran incurred, or that was aggravated, during active military service; and(B)
Received a discharge or release under other than dishonorable conditions. [1991 c.688 §8; 1997 c.147 §5; 2007 c.70 §72; 2007 c.804 §38; 2009 c.830 §132; 2010 c.106 §§3,7; 2011 c.558 §4; 2019 c.394 §1; 2020 s.s.2 c.10 §24](a)
The applicant is enrolled in a small business management program with a small business development center or certified entity;(b)
The applicant has prepared a business plan for the business, which has been reviewed by a small business development center or other entity certified by the department to review business plans; and(c)
The applicant is not effectively owned or controlled by another business entity or other person that, either by itself or when combined with the applicant, is not eligible for a loan under ORS 285B.740 (Legislative intent) to 285B.758 (Oregon Entrepreneurial Development Loan Fund).(2)
In addition to the requirements for loan approval described in subsection (1) of this section, in order to obtain a loan under ORS 285B.740 (Legislative intent) to 285B.758 (Oregon Entrepreneurial Development Loan Fund), an applicant must also satisfy one of the following conditions:(a)
The business must have annual revenues of $500,000 or less in the 12-month period immediately preceding the date of application.(b)
The business or proposed business must be owned, in whole or in part, by a person certified as having a severe disability by the Department of Human Services or the Commission for the Blind.(c)
The applicant must submit proof to the Oregon Business Development Department that the applicant is a veteran who:(A)
Has a United States Department of Veterans Affairs total disability rating of at least 70 percent as a result of an injury or illness that the veteran incurred, or that was aggravated, during active military service; and(B)
Received a discharge or release under other than dishonorable conditions.
Source:
Section 285B.746 — Conditions for loan approval, https://www.oregonlegislature.gov/bills_laws/ors/ors285B.html.
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