Oregon § 285B.749 Additional conditions for loan approval; maximum term and amount of loan

Oregon Statutes

§ 285B.749 — Additional conditions for loan approval; maximum term and amount of loan

Oregon § 285B.749

Vol.7

Title 26AEconomic Development

Ch. 285BEconomic Development II

This text of Oregon § 285B.749 (Additional conditions for loan approval; maximum term and amount of loan) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 285B.749 (2026).

Text

(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:

(A)Fifteen percent of the amount of the project proceeds used for working capital and equipment; or

(B)Ten percent of the amount of the project proceeds used to acquire real property.

(2)The department shall determine the amount of the initial loan and any subsequent loan to a borrower from the Oregon Entrepreneurial Development Loan Fund. The total of all loans to

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(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:
(A) Fifteen percent of the amount of the project proceeds used for working capital and equipment; or
(B) Ten percent of the amount of the project proceeds used to acquire real property.
(2) The department shall determine the amount of the initial loan and any subsequent loan to a borrower from the Oregon Entrepreneurial Development Loan Fund. The total of all loans to any borrower from the fund may not exceed $1 million.
(3) Entrepreneurial development loans shall be made for a term that does not exceed 10 years at a rate of interest that does not exceed 18 percent per annum.