ORS 285B.768
Oregon Business Development Department to develop and implement loan program

limits and requirements

Text
Annotations

(1)

The Oregon Business Development Department shall develop and implement a program to make loans to eligible businesses.

(2)

Loans made under the program may be for the following amounts:

(a)

For eligible businesses that have operated for less than two years, up to $100,000.

(b)

For eligible businesses that have operated for two years or more, up to $250,000.

(3)

Intentionally left blank —Ed.

(a)

The term of a loan may not exceed 10 years.

(b)

Intentionally left blank —Ed.

(A)

Interest on a loan shall be charged at the prime rate plus two percent.

(B)

Notwithstanding subparagraph (A) of this paragraph, the rate of interest may be increased for risk based on the loan-to-value ratio.

(c)

Loans shall be subject to business underwriting standards used in secondary markets.

(d)

To the extent possible, loans must be secured by business and personal assets.

(e)

Loans shall require standard commercial loan documentation, including reasonable provisions related to default that the department may adopt by rule.

(4)

An eligible business may use the proceeds of a loan made pursuant to this section for equipment, inventory, fixtures and working capital or other business-related expenses other than capital costs. [2021 c.676 §12]

Note: See note under 285B.764 (Definitions for ORS 285B.764 to 285B.775).

Source: Section 285B.768 — Oregon Business Development Department to develop and implement loan program; limits and requirements, https://www.oregonlegislature.gov/bills_laws/ors/ors285B.html.

285B.050
Definitions for ORS 285B.050 to 285B.098 285B.053
Borrowing money from Oregon Business Development Fund 285B.056
Fees 285B.059
Conditions for commission approval of project 285B.062
Loan contract 285B.063
Annual adjustment of maximum contract amounts 285B.065
Loans in distressed areas exempt from security and collateral requirements 285B.068
Payment of moneys for project 285B.080
Director as agent 285B.081
Repayment and collection 285B.083
Use of refinancing and other financial assistance for repayment 285B.086
Authorization to lend funds for joint governmental projects or match money 285B.089
Loan contract 285B.092
Oregon Business Development Fund 285B.093
Oregon Targeted Development Account 285B.098
Status of loan to county or municipality 285B.109
Definitions for ORS 285B.109 to 285B.119 285B.111
Purpose of ORS 285B.109 to 285B.119 285B.113
Contracts with financial institutions to participate in program 285B.115
Loss reserve accounts 285B.117
Enrollment of qualified loan in program 285B.118
Claims for reimbursement of losses 285B.119
Capital Access Fund 285B.120
Oregon Small Business Development Act 285B.123
Purpose 285B.130
Loans from Small Business Expansion Loan Fund 285B.133
Small Business Expansion Loan Fund 285B.165
Purpose of ORS 285B.165 to 285B.171 285B.168
Grants 285B.169
Centers to collaborate with state agencies and private sector 285B.171
Short title 285B.174
Programs to assist businesses in procuring government contracts and grants 285B.178
Definitions for Microenterprise Development Act 285B.179
Purposes of Microenterprise Development Act 285B.186
Short title 285B.200
Definitions for ORS 285B.200 to 285B.218 285B.203
Purpose of Credit Enhancement Fund 285B.206
Duties of department 285B.209
Fees and terms for loan and credit guarantees 285B.215
Credit Enhancement Fund 285B.218
Pledge to assure repayment 285B.230
Local economic development strategy 285B.233
Legislative findings 285B.236
Guidelines for local economic development strategies 285B.260
Local Economic Opportunity Fund 285B.266
Strategic Reserve Fund 285B.280
Definition of “traded sector.” 285B.283
Policy 285B.286
Entrepreneurial and industry development activities 285B.290
Industry Competitiveness Fund 285B.320
Purpose of ORS 285B.320 to 285B.371 285B.323
Definitions for ORS 285B.320 to 285B.371 285B.326
Request for issuance of bonds 285B.329
Review of project by commission 285B.335
Powers of department 285B.338
Powers of commission 285B.341
Limitation on state power 285B.344
Issuance of bonds 285B.350
Method of issuing bonds 285B.353
Administrative expenses 285B.356
Refunding bonds 285B.359
Validity of bonds 285B.362
Covenants in bonds 285B.365
Limitations of bonds 285B.368
Powers and rights of bondholders 285B.371
State interest in eligible projects not necessary for loans 285B.410
Definitions for ORS 285B.410 to 285B.482 285B.413
Legislative findings 285B.419
Administration of Special Public Works Fund 285B.420
Financial assistance for levee projects 285B.421
Levee Project Grant Fund 285B.422
Funding to municipalities for development projects 285B.428
Application for funds 285B.437
Contract with municipality 285B.440
Primary use of moneys in fund 285B.449
Effect of failure to comply or default 285B.455
Special Public Works Fund 285B.456
Levee Project Subaccount 285B.458
Grants for assistance to distressed or rural areas 285B.460
Funding and assistance for planning projects 285B.462
Funding and assistance for emergency projects 285B.465
Allowable costs of projects 285B.467
Oregon Infrastructure Finance Authority to determine eligibility for revenue bond financing 285B.470
Powers of authority 285B.473
Issuance of revenue bonds 285B.476
Application of law to revenue bonds 285B.479
Nature of revenue bonds 285B.482
Revenue bonds as parity bonds 285B.500
Purpose of ORS 285B.500 to 285B.512 285B.503
Oregon Unified International Trade Fund 285B.506
Grant agreements 285B.509
Agreements between primary sponsor and United States 285B.512
End of lottery allocations upon certification by administrator of authority 285B.515
“Primary sponsor” and “project sponsor” defined 285B.530
Definitions for ORS 285B.530 to 285B.548 285B.533
Issuance of infrastructure lottery bonds 285B.548
Amount of infrastructure lottery bonds 285B.551
Issuance of additional lottery bonds 285B.560
Definitions for ORS 285B.560 to 285B.599 285B.563
Water Fund 285B.566
Use of awards 285B.569
When constitutional restrictions apply to use of certain funds 285B.572
Eligibility of project for revenue bond financing 285B.575
Issuance of revenue bonds 285B.578
Nature of revenue bonds 285B.581
Repayment plans 285B.584
Powers of authority 285B.587
Deposit and use of bond proceeds 285B.590
Other forms of financial assistance 285B.593
Technical assistance grants and loans 285B.596
Funding of distressed area or nonurban water projects 285B.599
Effect of failure to repay to Water Fund 285B.600
Definitions for ORS 285B.600 to 285B.620 285B.602
Rules 285B.605
Certification of eligible employers 285B.608
Application for certification 285B.610
Revocation of certificate 285B.615
Oregon Business Retention and Expansion Program 285B.618
Department estimate of program tax revenues 285B.620
Oregon Business Retention and Expansion Program Fund 285B.622
Transfer of moneys from Strategic Reserve Fund 285B.625
Legislative findings 285B.626
Definitions for ORS 285B.625 to 285B.632 285B.627
Oregon Industrial Site Readiness Program 285B.630
Department to obtain employment and wage information for eligible employers at regionally significant industrial sites and determine estimated incremental income tax revenues 285B.632
Oregon Industrial Site Readiness Program Fund 285B.635
Legislative findings 285B.636
Definitions for ORS 285B.635 to 285B.640 285B.637
Oregon Industrial Site Readiness Assessment Program 285B.640
Oregon Industrial Site Readiness Assessment Program Fund 285B.642
Findings in furtherance of economic development 285B.651
Definitions for ORS 285B.651 to 285B.676 285B.655
Distributions to assist rural jurisdictions with applications for funding 285B.660
Oregon Business Development Department to develop policy for distributions, work with district association, oversee rural grant services 285B.670
Annual report to legislature by Oregon Business Development Department 285B.676
Oregon Rural Capacity Fund 285B.740
Legislative intent 285B.743
Application for entrepreneurial development loan 285B.746
Conditions for loan approval 285B.749
Additional conditions for loan approval 285B.753
Indexing of annual revenue limit amount and maximum loan amount 285B.758
Oregon Entrepreneurial Development Loan Fund 285B.764
Definitions for ORS 285B.764 to 285B.775 285B.768
Oregon Business Development Department to develop and implement loan program 285B.771
Application process 285B.774
Disadvantaged and Emerging Small Business Loan Fund 285B.775
Annual report by Oregon Business Development Department to legislature 285B.780
Purpose 285B.784
Definitions for ORS 285B.780 to 285B.799 285B.787
RFP process for awards to lenders 285B.791
Agreements with lenders 285B.794
Annual report by lenders 285B.797
Release of lender and use of balance in account 285B.799
Biennial report by Oregon Business Development Department to legislature

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§ 285B.768’s source at oregon.gov

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Location: https://oregon.public.law/statutes/ors_285b.768

Original Source: Section 285B.768 — Oregon Business Development Department to develop and implement loan program; limits and requirements, https://www.oregonlegislature.gov/bills_laws/ors/ors285B.html (last accessed Aug. 25, 2023).