2011 ORS § 407.582¹
Establishment of program
- • eligibility
- • rules
(1) As used in this section:
(a) Deployment means an act in which a person was ordered to active duty and was deployed outside the United States.
(b) Mobilization means an act in which a person left the persons home station and was transferred to a mobilization site for federal service.
(c) Small business means a business that:
(A) Is a corporation, partnership, sole proprietorship or other legal entity licensed and located in Oregon and formed for the purpose of making a profit, and that is independently owned and operated from all other businesses; and
(B) Employs 50 or fewer persons.
(d) Veteran means a person who owns a controlling interest in a small business and who, at the time of the persons mobilization or deployment, is:
(A) A member of the Oregon National Guard; or
(B) A member of the reserves of the Army, Navy, Air Force, Marine Corps or Coast Guard of the United States and a resident of Oregon.
(2) There is established in the Department of Veterans Affairs the Veterans Small Business Repair Loan Program. The purpose of the program is to assist any veteran whose small business, due to the veterans absence, incurred a setback during the veterans mobilization or deployment by providing an interest-free loan to the veteran upon the veterans return from mobilization or deployment. The loan shall be used by the veteran to restore the veterans small business, to the extent feasible, to the condition the small business was in prior to the veterans mobilization or deployment.
(3) A veteran may receive a maximum of two loans under the program. Each loan may not exceed $20,000. Application for a loan must be made within 12 months after demobilization.
(4) The department shall adopt by rule:
(a) Criteria that a small business must meet to qualify as having incurred a business setback while the veteran was mobilized or deployed;
(b) The application process and any necessary forms;
(c) Terms of loan repayment; and
(d) Other criteria and processes necessary to carry out the purposes of the program.
(5) If a veteran is deceased as a result of the veterans mobilization or deployment, the unremarried surviving spouse of the deceased veteran is eligible to apply for and receive a loan to continue the veterans small business.
(6) If a veteran is at the time of the loan application no longer a member of the Oregon National Guard or the reserves, the veteran must have been discharged under honorable conditions.
(7) The Department of Veterans Affairs, in consultation with the Oregon Business Development Department, shall review and reject or approve loan applications submitted by veterans.
(8) Repayments of loans made under this section shall be deposited in the Veterans Small Business Repair Loan Fund established under ORS 407.585 (Veterans Small Business Repair Loan Fund). [2008 c.18 §19]
Note: 407.582 (Establishment of program) and 407.585 (Veterans Small Business Repair Loan Fund) were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 407 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.