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Oregon Revised Statutes Title 26A. Economic Development § 285B.749

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) The Oregon Business Development Department may approve an entrepreneurial development loan under ORS 285B.740 to 285B.758 if, after investigation, it finds that:

(a) The loan has a reasonable prospect of repayment from cash flow and collateral and is secured by good and sufficient collateral; and

(b) The applicant provides equity funds for the project in the form of cash or property in an amount equal to or greater than 20 percent of the amount of the loan.

(2) The department shall determine the amount of the initial loan and any subsequent loan to the borrower. The maximum of all loans to a borrower from the Oregon Entrepreneurial Development Loan Fund may not exceed $100,000.

(3) Entrepreneurial development loans shall be made for a period not exceeding 10 years at a rate of interest that does not exceed 18 percent per annum.

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Cite this article: FindLaw.com - Oregon Revised Statutes Title 26A. Economic Development § 285B.749 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-26a-economic-development/or-rev-st-sect-285b-749/

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