Oregon Revised Statutes Title 26A. Economic Development § 285B.059

(1) The Oregon Business Development Commission may approve a business development project proposed in an application filed under ORS 285B.050 to 285B.098 if, after investigation, the commission finds that:

(4) To encourage private sector and local development group participation in the financing of business development projects, the commission may subordinate the security position of the fund to that of other lenders.

(5) In each fiscal year of a biennium, 15 percent of all moneys available for lending from the fund is reserved for loans to emerging small business enterprises as defined by the Oregon Business Development Department by rule, which are located in or draw their workforces from within distressed areas as determined by the Oregon Business Development Department in cooperation with the Employment Department of this state. If the Oregon Business Development Department was unable to obtain a sufficient number of approvable applications to meet the requirements of this subsection in the previous fiscal year, it may, in the current fiscal year and notwithstanding the limitations imposed by ORS 285B.050 (2)(g)(B), make loans, in an amount that does not exceed the 15 percent reserved for the prior fiscal year less the amount of loans made to emerging small business enterprises located in rural and distressed areas during the previous fiscal year, to service and retail businesses operated by small business enterprises that are located in or draw their workforces from within distressed areas as determined by the Oregon Business Development Department in cooperation with the Employment Department of this state. As used in this subsection, “rural area” and “distressed area” have the meaning given those terms in ORS 285A.010.