Additional conditions for loan approval
- • maximum term and amount of loan
(1) The Oregon Business Development Department may approve an entrepreneurial development loan under ORS 285B.740 (Legislative intent) to 285B.758 (Oregon Entrepreneurial Development Loan Fund) 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. [1991 c.688 §9; 1997 c.147 §6; 2007 c.804 §39; 2009 c.830 §133; 2010 c.106 §§4,8; 2011 c.558 §5; 2014 c.3 §3]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.