2019 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 285B - Economic Development II
Section 285B.758 - Oregon Entrepreneurial Development Loan Fund; uses.
(1) There is established in the State Treasury, separate and distinct from the General Fund, the Oregon Entrepreneurial Development Loan Fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the following purposes:
(a) Administrative costs of the department incurred in processing loan applications, investigating the eligibility of loan applicants and servicing outstanding loans;
(b) Paying for loan origination and loan servicing by contractors under ORS 285B.740 to 285B.758; and
(c) Payment of loans to applicants under ORS 285B.740 to 285B.758.
(2) The Oregon Entrepreneurial Development Loan Fund shall consist of:
(a) Moneys appropriated to the fund by the Legislative Assembly;
(b) Interest earned on moneys in the fund; and
(c) Moneys received as repayment of principal and interest on loans made from the fund under ORS 285B.740 to 285B.758. [1991 c.688 §13; 2009 c.830 §134]
Note: Sections 7, 11 and 13 (1) and (3), chapter 46, Oregon Laws 2018, provide:
Sec. 7. (1) As used in this section:
(a) "Low income household" and "moderate income household" have the meanings given those terms in ORS 456.270.
(b) "Qualifying project" means construction, alteration, repair or addition to or improvement of dwelling units that may be purchased or rented, with or without government assistance, by a low income household or a moderate income household.
(c) "Willamette Valley" means Clackamas, Linn, Marion, Multnomah, Polk, Washington and Yamhill Counties and the portion of Benton and Lane Counties lying east of the summit of the Coast Range.
(2) A construction contracting business owned and managed by an individual licensed under section 2 of this 2018 Act that does not otherwise qualify as an emerging small business under ORS 285B.740 to 285B.758 may qualify as an emerging small business for purposes of a loan under ORS 285B.740 to 285B.758 for capital investment purposes if, as a condition of receiving the loan, the individual agrees to:
(a) Perform work on qualifying projects that equals at least 20 percent of the work of the business, measured as required by the Oregon Business Development Department by rule; and
(b) Operate the business solely in parts of this state located outside the Willamette Valley. [2018 c.46 §7]
Sec. 11. The Oregon Business Development Department shall report to an interim committee of the Eightieth Legislative Assembly related to business regarding loans for capital investment purposes issued under section 7 of this 2018 Act. The report shall include, but need not be limited to, the number of loans approved under section 7 of this 2018 Act. The department shall make the report to the interim committee in the manner provided by ORS 192.245 no later than October 1, 2020. [2018 c.46 §11]
Sec. 13. (1) Sections 2, 4, 6, 7 and 8 of this 2018 Act are repealed January 2, 2022.
(3) The repeal of section 7 of this 2018 Act by this section does not cancel or alter the terms of any loan made by the Oregon Business Development Department prior to January 2, 2022, or repeal any department rule pertaining to loans made by the department prior to January 2, 2022. [2018 c.46 §13(1),(3)]
