(1) In consultation with the Department of Revenue, the Oregon Business Development Department shall establish and administer the Oregon Business Retention and Expansion Program. The purpose of the program is to provide forgivable loans to certified employers to allow for expanded operations and increased hiring.

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(2) The Oregon Business Development Department shall enter into agreements with certified employers. Agreements must contain:

(a) Detailed performance measures, established by the department by rule, with which certified employers must comply; and

(b) The requirement that the certified employer pay to the Oregon Business Development Department the amount of any loan made under this section where the certified employer did not meet established performance measures.

(3) The total loan amount distributed to a certified employer under this section may not exceed the total amount of the estimated incremental Oregon Business Retention and Expansion Program tax revenues for the certified employer.

(4) Moneys loaned under this section must be distributed to the certified employer no later than 120 days following certification under ORS § 285B.605. [2011 c.549 § 6]

See note under 285B.600.