(1) The Economic and Community 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 that the loan is fully secured by collateral value; 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 Economic and Community Development 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 $70,000.
(3) Entrepreneurial development loans shall be made for a period not exceeding five 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]
Section: Previous 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 285B.770 NextLast modified: August 7, 2008