ORS 285B.771
Application process
- assistance from technical assistance provider required
- referral of application to Oregon Business Development Department
- payment of closing costs
- payment of loan proceeds
(1)
The Oregon Business Development Department shall prescribe the form and manner in which the owner of an eligible business may apply for a loan under the loan program developed and implemented under ORS 285B.768 (Oregon Business Development Department to develop and implement loan program).(2)
The application must, at a minimum, require the inclusion of:(a)
Documentation showing that the business for which application is made is an eligible business;(b)
A nonrefundable application fee of $200; and(c)
Any other information or documentation the department requires.(3)
Intentionally left blank —Ed.(a)
The owner of an eligible business interested in applying for a loan under the loan program must seek assistance from a technical assistance provider.(b)
The technical assistance must include a review of the application form and associated documents and other materials for completeness and accuracy.(4)
Intentionally left blank —Ed.(a)
If a technical assistance provider determines in its sole discretion that the application of an eligible business is complete and accurate and deserves consideration by the department, the provider shall refer the application to the department.(b)
If a technical assistance provider refers an application under this section that is approved by the department, the department shall request periodic reports from the provider on the status of the eligible business after receipt of the loan proceeds.(c)
If a technical assistance provider determines that an application is not complete or accurate or does not deserve to be referred to the department for consideration in its present form, the technical assistance provider may, in its sole discretion, work with the owner of the eligible business to amend the application and application materials.(d)
The refusal of a technical assistance provider to refer an application to the department under this section does not give rise to a cause of action of any kind.(5)
Intentionally left blank —Ed.(a)
After receiving an application referred under this section, the department shall either approve or reject the application and notify the applicant and the technical assistance provider that worked with the applicant of the decision.(b)
Intentionally left blank —Ed.(A)
Rejection of the application by the department may be appealed through a process adopted by the department by rule.(B)
The owner of an eligible business whose application has been finally rejected with no further right of appeal may contact a technical assistance provider to begin a new application process at any time.(c)
If the department approves the application, the department shall offer a loan agreement to the eligible business on terms that do not conflict with ORS 285B.764 (Definitions for ORS 285B.764 to 285B.775) to 285B.775 (Annual report by Oregon Business Development Department to legislature).(6)
Upon execution of a loan agreement offered pursuant to subsection (5)(c) of this section:(a)
All third-party expenses that are necessary to close the loan shall be paid:(A)
By the eligible business; or(B)
At the sole discretion of the department, out of the loan proceeds.(b)
Upon payment of third-party expenses under paragraph (a) of this subsection, the department shall pay the balance of the loan proceeds to the eligible business out of funds in the Disadvantaged and Emerging Small Business Loan Fund established under ORS 285B.774 (Disadvantaged and Emerging Small Business Loan Fund). [2021 c.676 §13]
Source:
Section 285B.771 — Application process; assistance from technical assistance provider required; referral of application to Oregon Business Development Department; payment of closing costs; payment of loan proceeds, https://www.oregonlegislature.gov/bills_laws/ors/ors285B.html.
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