ORS 285B.746 Conditions for loan approval

The Oregon Business Development Department may approve a loan requested in an application filed under ORS 285B.743 if, after investigation, it finds that:

The applicant is enrolled in a small business management program with a small business development center or certified entity;

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 department to review business plans; and

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.

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 one of the following conditions:

In the 12-month period immediately preceding the date of application, the business may not have had annual revenues that exceeded $1.5 million;

At the time of application, the business must have fewer than 25 employees;

The business or proposed business must be 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; or

The applicant must submit proof to the Oregon Business Development Department that the applicant is a veteran who:

Has a United States Department of Veterans Affairs total disability rating of at least 70 percent as a result of an injury or illness that the veteran incurred, or that was aggravated, during active military service; and

Received a discharge or release under other than dishonorable conditions.