Section 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: (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 percent of the amount of the project proceeds used for working capital and equipment; or(B) Ten percent of the amount of the project proceeds used to acquire real property.(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.(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.Amended by 2020SP2 Ch. 10, § 26, eff. 8/24/2020.Amended by 2014 Ch. 3, § 3, eff. 2/26/2014.1991 c.688 §9; 1997 c.147 §6; 2007 c. 804, § 39; 2009 c. 830, § 133; 2010 c. 106, §§ 4, 8; 2011 c. 558, § 5