Chapter 285B — Chapter 285B
305 sections in this chapter.
ORS 285B.714 [2001 c.883 §39d; 2003 c.662 §38; renumbered 285C.190 in 2003]
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[Repealed or reserved.]
ORS 285B.716 [Formerly 285.610; repealed by 2003 c.662 §55]
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[Repealed or reserved.]
ORS 285B.719 [Formerly 285.613; 2003 c.662 §30; renumbered 285C.140 in 2003]
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[Repealed or reserved.]
ORS 285B.722 [Formerly 285.615; 2003 c.662 §42; renumbered 285C.220 in 2003]
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[Repealed or reserved.]
ORS 285B.723 [1999 c.1104 §2; repealed by 2003 c.662 §55]
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[Repealed or reserved.]
ORS 285B.725 [Formerly 285.616; 1999 c.1104 §7; repealed by 2003 c.662 §55]
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[Repealed or reserved.]
ORS 285B.726 [1997 c.835 §44; 1999 c.1104 §19; repealed by 2003 c.662 §55]
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[Repealed or reserved.]
ORS 285B.728 [Formerly 285.617; 1999 c.1104 §8; 2003 c.662 §46; renumbered 285C.240 in 2003]
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[Repealed or reserved.]
ORS 285B.731 [Formerly 285.620; 2003 c.662 §50; renumbered 285C.260 in 2003]
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ENTREPRENEURIAL DEVELOPMENT
ORS 285B.740 Legislative intent; delegation of loan program responsibilities; powers of department; loan fees. It is the intent of the Legislative Assembly that in the administration of ORS 285B.740 to 285B.758, the Oregon Business Development Department work closely with regional economic development organizations, community development corporations, small business development centers and organizations that promote and assist minority-owned businesses, woman-owned businesses, veteran-owned businesses and emerging small businesses, as those terms are defined in ORS 200.005, and utilize policies, priorities and practices that further entrepreneurial and small business development in rural communities. The department, to the maximum extent feasible and consistent with prudent financial controls, may delegate the administration and operation of the loan program created by ORS 285B.740 to 285B.758 to local and community-based entities. To carry out the policy described in this section
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(1) The department may contract with any nonprofit corporation or agency with experience and expertise in business finance to administer all or any part of the loan program created by ORS 285B.740 to 285B.758. (2) When entering into an agreement for the administration of the loan…
ORS 285B.743 Application for entrepreneurial development loan; eligibility; rules. (1) Any individual or business firm may file with the Oregon Business Development Department an application to borrow money from the Oregon Entrepreneurial Development Loan Fund as provided in ORS 285B.740 to 285B.758. The application shall be filed in such a manner and contain or be accompanied by such information as the department may require
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(2) Upon receipt of an application under this section, the department shall determine whether the applicant is eligible to receive a loan under ORS 285B.740 to 285B.758. The department may adopt rules for processing applications from applicants that are not eligible to receive a …
ORS 285B.746 Conditions for loan approval. (1) The Oregon Business Development Department may approve a loan requested in an application filed under ORS 285B.743 if, after investigation, it finds that
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(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 certi…
ORS 285B.749 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 to 285B.758 if, after investigation, it finds that
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(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: (A) Fifteen perce…
ORS 285B.752 [1991 c.688 §10; 1997 c.147 §7; 2001 c.684 §22; repealed by 2007 c.804 §86]
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[Repealed or reserved.]
ORS 285B.753 Indexing of annual revenue limit amount and total loan limit amount. (1) Beginning with the 2023 calendar year, the Oregon Business Development Department shall annually adjust the annual revenue limit amount specified in ORS 285B.746 (2)(a) and the total loan limit amount specified in ORS 285B.749 (2) by multiplying each amount by the percentage change in the monthly averaged Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor, for the 12 consecutive months ending on the immediately preceding December 31 compared to the monthly averaged Consumer Price Index for All Urban Consumers, West Region (All Items), for the 12 consecutive months ending on December 31, 2021
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(2) Notwithstanding subsection (1) of this section: (a) The adjusted annual revenue limit amount specified in ORS 285B.746 (2)(a) may not be less than $1.5 million. (b) The adjusted total loan limit amount specified in ORS 285B.749 (2) may not be less than $1 million. [2021 c.20 …
ORS 285B.755 [1991 c.688 §11; 2007 c.70 §73; repealed by 2007 c.804 §86]
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[Repealed or reserved.]
ORS 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
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(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…
ORS 285B.760 Definitions for ORS 285B.760 to 285B.763. As used in ORS 285B.760 to 285B.763
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(1) “Culturally responsive services” means services provided by an organization: (a) Whose founding mission and goals are aligned with the culture of the individuals, families, businesses and communities receiving the services; and (b) That demonstrates intimate knowledge of the …
ORS 285B.761 Economic Equity Investment Program; grants; eligible projects; technical assistance. (1) The Oregon Business Development Department shall develop and implement an Economic Equity Investment Program under which the department shall award grants to organizations that provide culturally responsive services to support economic stability, self-sufficiency, wealth building and economic equity among disadvantaged individuals, families, businesses and communities in this state
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(2)(a) The department shall prescribe the form and manner in which an organization may apply for a grant under the program. (b) An organization’s application must demonstrate a proven ability to provide services as described in subsection (3) of this section. (3) Grant moneys sha…
ORS 285B.762 Biennial evaluations of grantees’ services; report to legislature. (1)(a) The Oregon Business Development Department shall conduct biennial evaluations of the services provided in the preceding 24-month period by organizations that are funded with grant moneys under the Economic Equity Investment Program developed and implemented under ORS 285B.761
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(b) Each biennial evaluation shall measure the outcomes achieved by such services in light of current research into the measures of economic equity described in ORS 285B.761 (3) and culturally responsive services. (2) Not later than September 15 of each even-numbered year, the de…
ORS 285B.763 Economic Equity Investment Fund. (1) There is established in the State Treasury, separate and distinct from the General Fund, the Economic Equity Investment Fund. Interest earned by the Economic Equity Investment Fund shall be credited to the fund
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(2) All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes of developing and implementing the Economic Equity Investment Program under ORS 285B.760 to 285B.763. (3) Moneys in the fund shall consist of: (a) Moneys approp…
ORS 285B.764 Definitions for ORS 285B.764 to 285B.775. As used in ORS 285B.764 to 285B.775
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(1) “Eligible business” means one of the following businesses as defined in ORS 200.005 that is operated for profit and has been certified by the Certification Office for Business Inclusion and Diversity under ORS 200.055 at the time an application is referred on behalf of the bu…
ORS 285B.765 [1991 c.688 §6; 1997 c.61 §12; repealed by 2001 c.684 §38]
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[Repealed or reserved.]
ORS 285B.766 [2001 c.932 §5; renumbered 285C.300 in 2003]
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[Repealed or reserved.]
ORS 285B.767 [2001 c.932 §6; renumbered 285C.303 in 2003]
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[Repealed or reserved.]
ORS 285B.768 Oregon Business Development Department to develop and implement loan program; limits and requirements. (1) The Oregon Business Development Department shall develop and implement a program to make loans to eligible businesses
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(2) Loans made under the program may be for the following amounts: (a) For eligible businesses that have operated for less than two years, up to $100,000. (b) For eligible businesses that have operated for two years or more, up to $250,000. (3)(a) The term of a loan may not excee…
ORS 285B.770 [2001 c.932 §7; renumbered 285C.306 in 2003]
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[Repealed or reserved.]
ORS 285B.771 Application process; assistance from technical assistance provider required; referral of application to Oregon Business Development Department; payment of closing costs; payment of loan proceeds. (1) The Oregon Business Development Department shall prescribe the form and manner in which the owner of an eligible business may apply for a loan under the loan program developed and implemented under ORS 285B.768
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(2) The application must, at a minimum, require the inclusion of: (a) Documentation showing that the business for which application is made is an eligible business; (b) A nonrefundable application fee of $200; and (c) Any other information or documentation the department requires…
ORS 285B.773 [2001 c.932 §8; renumbered 285C.309 in 2003]
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[Repealed or reserved.]
ORS 285B.774 Disadvantaged and Emerging Small Business Loan Fund. (1) There is established in the State Treasury, separate and distinct from the General Fund, the Disadvantaged and Emerging Small Business Loan Fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the purposes of
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(a) Paying the actual costs of the department in administering the loan program developed and implemented under ORS 285B.764 to 285B.775; and (b) Making loans under the loan program developed and implemented under ORS 285B.764 to 285B.775. (2) The Disadvantaged and Emerging Small…
ORS 285B.775 Annual report by Oregon Business Development Department to legislature. (1) On or before September 15 of each year, the Oregon Business Development Department shall submit, in the manner provided in ORS 192.245, to the interim legislative committees related to economic development, a report containing the following information about the loan program developed and implemented under ORS 285B.764 to 285B.775
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(a) The number of loans made; (b) The amounts of the loans made; (c) Demographic information about the eligible businesses that received loans that is voluntarily given to the department; (d) The number of referrals from technical assistance providers under ORS 285B.771; (e) The …
ORS 285B.776 [2001 c.932 §9; renumbered 285C.320 in 2003]
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LENDERS’ LOAN LOSS RESERVE ACCOUNT AWARD PROGRAM
ORS 285B.780 Purpose. It is the purpose of ORS 285B.780 to 285B.799 that the State of Oregon shall make awards to qualified lending institutions to fund lenders’ loan loss reserve accounts for the purpose of increasing lending to business owners and entrepreneurs who currently lack access to capital to start or grow their businesses. [2021 c.676 §1]
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Note: 285B.780 to 285B.799 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 285B or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
ORS 285B.781 [1997 c.835 §36; 1999 c.1104 §10; 2001 c.292 §1; 2003 c.239 §1; renumbered 285C.400 in 2003]
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[Repealed or reserved.]
ORS 285B.783 [1997 c.835 §37; 1999 c.1104 §11; 2001 c.292 §2; renumbered 285C.403 in 2003]
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[Repealed or reserved.]
ORS 285B.784 Definitions for ORS 285B.780 to 285B.799. As used in ORS 285B.780 to 285B.799, unless the context requires otherwise
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(1) “Loan loss reserve account” or “account” means an account created by a lender for the deposit of moneys awarded to the lender under ORS 285B.787 out of which the lender may reimburse itself for losses incurred due to defaults on qualified loans. (2) “Prime rate” means the pri…
ORS 285B.786 [1997 c.835 §38; 1999 c.1104 §12; 2001 c.292 §5; 2003 c.662 §56a; renumbered 285C.409 in 2003]
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[Repealed or reserved.]
ORS 285B.787 RFP process for awards to lenders; limits; approval criteria. (1)(a) The Oregon Business Development Department shall, in accordance with this section, make awards to lenders to fund the lenders’ loan loss reserve accounts
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(b) The awards shall be made, through a competitive RFP process administered by the department. (c) Of the moneys awarded as a result of any RFP process, not more than 10 percent of available funds may be awarded to any single lender. (2) The department shall evaluate proposals a…
ORS 285B.789 [2001 c.292 §3; 2003 c.558 §1; 2003 c.662 §57; renumbered 285C.412 in 2003]
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[Repealed or reserved.]
ORS 285B.790 [2001 c.292 §4; renumbered 285C.415 in 2003]
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[Repealed or reserved.]
ORS 285B.791 Agreements with lenders; terms; waiver and breach of lender obligations upon borrower default; minimum total loan principal amount. (1) The Oregon Business Development Department shall enter into a written agreement with each lender that accepts an award offered under ORS 285B.787
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(2) A written agreement entered into pursuant to this section must: (a) Provide for the creation of a loan loss reserve account by the lender for the deposit of moneys awarded under ORS 285B.787 out of which the lender may be reimbursed for principal losses incurred due to defaul…
ORS 285B.793 [1997 c.835 §39; 1999 c.1104 §13; 2001 c.292 §6; renumbered 285C.420 in 2003]
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[Repealed or reserved.]
ORS 285B.794 Annual report by lenders. (1) Not later than July 31 of each year, each lender awarded moneys under ORS 285B.787 shall, during the term of the written agreement entered into under ORS 285B.791, provide a report to the Oregon Business Development Department, on a form prescribed by the department, for the period beginning on July 1 of the immediately preceding year and ending on June 30 of the current year
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(2) With respect to qualified loans made by the lender, the report shall include, but not be limited to, the following information: (a) The number and total principal amount of all qualified loans made by the lender; (b) For each qualified loan, the following information: (A) The…
ORS 285B.796 [2001 c.292 §7; 2003 c.662 §59; renumbered 285C.406 in 2003]
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[Repealed or reserved.]
ORS 285B.797 Release of lender and use of balance in account; repayment of balance. (1)(a) A lender shall be released from any obligation under a written agreement entered into under ORS 285B.791, and may use for any purpose whatever any balance in the lender’s loan loss reserve account, if the lender has
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(A) Performed under the written agreement entered into with the Oregon Business Development Department for at least 10 years; (B) Attained during the 10-year period, as required under ORS 285B.791 (3), a ratio of four-to-one of total principal amount of qualified loans made by th…
ORS 285B.799 Biennial report by Oregon Business Development Department to legislature. On or before September 15 of each even-numbered year, the Oregon Business Development Department shall submit, in the manner required under ORS 192.245, to the interim committees of the Legislative Assembly related to economic development, a report that sets forth the following information
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(1) The number and total dollar amount of RFPs received under ORS 285B.787; (2) The number of awards and the amount of moneys awarded under ORS 285B.787; (3) Information described in ORS 285B.787 (2)(b) from the approved proposals; (4) Aggregated lender and qualified borrower dat…
ORS 285B.825 [2001 c.888 §2; renumbered 285C.450 in 2003]
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[Repealed or reserved.]
ORS 285B.827 [2001 c.888 §3; renumbered 285C.453 in 2003]
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[Repealed or reserved.]
ORS 285B.830 [2001 c.888 §4; renumbered 285C.456 in 2003]
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[Repealed or reserved.]
ORS 285B.833 [2001 c.888 §5; renumbered 285C.459 in 2003]
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[Repealed or reserved.]