(1) The Small Business Expansion Loan Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Small Business Expansion Loan Fund shall be credited to the fund. All moneys in the fund are continuously appropriated to the Oregon Business Development Department for the following purposes:

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(a) Payment of loans to applicants approved under ORS § 285B.130.

(b) Payments to local development groups for the purposes of this section. A payment under this paragraph may not exceed one percent of the principal loan amount from which payment is required under ORS § 285B.130 (5)(b).

(c) Administrative costs of the department incurred in marketing the loan program, processing loan applications, investigating eligibility of applicants and servicing outstanding loans.

(2) The Small Business Expansion Loan Fund consists of:

(a) Fees collected by the department under ORS § 285B.130;

(b) Payments required under ORS § 285B.130 (5)(b);

(c) Moneys repaid by recipients of loans from the fund, including interest on those moneys and other receipts;

(d) Moneys appropriated to the fund by the Legislative Assembly;

(e) Moneys transferred to the fund by the Oregon Business Development Commission from the Oregon Business Development Fund pursuant to subsection (3) of this section;

(f) Income earned on moneys in the Small Business Expansion Loan Fund;

(g) Moneys transferred to the fund from the federal government, other state agencies or local governments; and

(h) Any gifts or donations made to the State of Oregon for deposit in the fund.

(3) The Oregon Business Development Commission may transfer moneys credited to the Oregon Business Development Fund created under ORS § 285B.092 to the Small Business Expansion Loan Fund established under this section when the commission determines that the transfer is reasonable and financially appropriate and would not impair the making of loans under ORS § 285B.050 to 285B.098. Moneys transferred under this subsection shall be used by the Oregon Business Development Department for the purpose of making loans under ORS § 285B.130.

(4) Notwithstanding any other provision of law, if at any time there are insufficient funds in established business finance programs, the department may direct the transfer of unobligated funds from the Small Business Expansion Loan Fund. [2018 c.71 2,3]

See note under 285B.130.

[Formerly 285.515; 2003 c.167 § 7; 2007 c.804 § 53; 2009 c.830 § 64; renumbered 285B.115 in 2009]

[Formerly 285.517; 2007 c.804 § 54; 2009 c.830 § 65; renumbered 285B.117 in 2009]

[1991 c.688 § 15; 1993 c.765 § 80; 1995 c.71 § 1; 1997 c.738 § 4; 1999 c.247 § 5; 2001 c.96 § 3; repealed by 2007 c.804 § 86]

[Formerly 285.520; 2009 c.830 § 66; renumbered 285B.118 in 2009]

[Formerly 285.525; 2007 c.354 § 14; repealed by 2007 c.804 § 86]

[Formerly 285.527; 2007 c.804 § 55; 2009 c.830 § 67; renumbered 285B.119 in 2009]

[Formerly 285.528; repealed by 2007 c.804 § 86]

[Formerly 285.530; repealed by 2003 c.167 § 16]

[Formerly 285.533; repealed by 1999 c.509 § 61]

[Formerly 285.535; 2001 c.104 § 98; repealed by 2007 c.804 § 86]

[Formerly 285.537; repealed by 2007 c.804 § 86]

(Small Business Development Centers)