{"data":{"id":"us-or/ors-285b.749","jurisdiction":"us-or","citation":"ORS 285B.749","heading":"Additional conditions for loan approval; maximum term and amount of loan.","body":"(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:\n      (a) The loan has a reasonable prospect of repayment from cash flow and collateral and is secured by good and sufficient collateral; and\n      (b) The applicant provides equity funds for the project in the form of cash or property in an amount equal to or greater than:\n      (A) Fifteen percent of the amount of the project proceeds used for working capital and equipment; or\n      (B) Ten percent of the amount of the project proceeds used to acquire real property.\n      (2) The department shall determine the amount of the initial loan and any subsequent loan to a borrower from the Oregon Entrepreneurial Development Loan Fund. The total of all loans to any borrower from the fund may not exceed $1 million.\n      (3) Entrepreneurial development loans shall be made for a term that does not exceed 10 years at a rate of interest that does not exceed 18 percent per annum.","path":["07 - Public Facilities and Finance","26a. Economic Development","Chapter 285B — Economic Development II"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors285B.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:13Z","sha256":"cb4a603f5e94b794606105512c7d28ec3ecd8d888ecd957f66dd216d873150cb","source_id":"us-or","stale":false,"prev":"us-or/ors-285b.746","next":"us-or/ors-285b.752"},"notice":"GroundRules: Original legal text. Not legal advice."}