(1) It is the purpose of the Business Retention Fund to assist businesses, communities and workers affected by significant business transitions, economic dislocation or the possibility of economic dislocations to evaluate and implement alternative business or community opportunities and to focus on the long term survivability of businesses.
(2) The Business Retention Fund is created separate and distinct from the General Fund. The fund shall be administered by the Economic and Community Development Department. The fund may be credited with contributions of moneys from public and private sources and with repayments as provided in this section. Interest earned by the fund shall be credited to the fund.
(3)(a) The department may allocate moneys in the fund for the following purposes:
(A) Business retention service;
(B) Employee ownership;
(C) Community response to plant closures or community distress, or both; and
(D) Feasibility studies, transition plans or restructuring plans.
(b) The department shall establish the maximum percentage of the fund that may be allocated for the purposes described in paragraph (a) of this subsection and a minimum match requirement, if any.
(4) The department may grant, expend or loan moneys in the fund for financial assistance, feasibility studies, transition plans, restructuring plans, technical assistance and management consulting services for business firms in transition, troubled firms that may close without assistance, for troubled firms that are experiencing major layoffs or firms that have actually closed or announced closure, and for communities that are experiencing distress due to the business closures, under such terms and conditions as the department may determine.
(5) The department shall provide that firms receiving assistance repay to the Business Retention Fund any assistance provided under subsection (4) of this section. When the department sets repayment terms for a firm receiving assistance, the department shall consider the financial ability of the firm to repay assistance.
(6) In providing assistance from the Business Retention Fund, the department may give preference to Oregon’s rural and distressed areas and its traditional agriculture, forestry and fishing industries. The department may also give priority to areas including but not limited to emerging industries and industry clusters with high potential for job retention and creation and market growth, as well as traded sector firms competing in markets for which regional, national or international competition exists.
(7) The department shall establish specific criteria for expenditure of funds from the Business Retention Fund by adopting rules. [Formerly 285.120; 1999 c.509 §11; 2003 c.773 §4; 2007 c.804 §12]
Section: Previous 285A.209 285A.212 285A.213 285A.215 285A.216 285A.218 285A.221 285A.224 285A.227 285A.240 285A.243 285A.255 285A.258 285A.261 285A.264 NextLast modified: August 7, 2008