(1) The Economic and Community Development Department may approve a loan requested in an application filed under ORS 285B.743 if, after investigation, it finds that:
(a) The applicant is enrolled in a small business management program with a small business development center or certified entity;
(b) The applicant has prepared a business plan for the business, which has been reviewed by a small business development center or other entity certified by the Economic and Community Development Department to review business plans; and
(c) The applicant is not effectively owned or controlled by another business entity or other person that, either by itself or when combined with the applicant, is not eligible for a loan under ORS 285B.740 to 285B.758.
(2) In addition to the requirements for loan approval described in subsection (1) of this section, in order to obtain a loan under ORS 285B.740 to 285B.758, an applicant must also satisfy two of the following conditions:
(a) The business or proposed business, at the time of application, must not have been operating for more than 36 months.
(b) The business must have annual revenues of less than $175,000 in the 12-month period immediately preceding the date of application.
(c) The business or proposed business is owned in whole or in part by a person certified as having a severe disability by the Department of Human Services or the Commission for the Blind. [1991 c.688 §8; 1997 c.147 §5; 2007 c.70 §72; 2007 c.804 §38]
Section: Previous 285B.723 285B.725 285B.726 285B.728 285B.731 285B.740 285B.743 285B.746 285B.749 285B.752 285B.755 285B.758 285B.765 285B.766 285B.767 NextLast modified: August 7, 2008