Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 13 - VETERANS' SMALL BUSINESS REPAIR LOAN PROGRAM › Section 274-013-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of OAR chapter 274, division 013, the
				following terms have the following meanings, unless the context clearly
				indicates otherwise:
(1) "Act" means
			 2008 Oregon Laws, chapter 18 as enacted by the Oregon Legislative Assembly
			 through House Bill 3626 §19 and 20, effective February 11, 2008.
(2) "Applicant" means any Veteran
			 (individually or with his or her spouse) or Surviving Spouse applying for a
			 Program loan from the Department on behalf of a Small Business in which the
			 Applicant owns a Controlling Interest.
(3) "Borrower" means any successful
			 Applicant, and/or the Small Business in which such successful Applicant owns a
			 Controlling Interest, approved for and provided a Program loan from the Fund by
			 the Department.
(4) "Collateral"
			 means property subject to a security interest, security agreement, or otherwise
			 pledged to the Department's satisfaction for the repayment of a Program
			 loan.
(5) "Controlling Interest"
			 means more than 50 percent ownership (whether individually by a Veteran or a
			 Surviving Spouse or jointly by a Veteran and his or her spouse) of a Small
			 Business for which a Program loan is sought.
(6) "Department" means the Department of
			 Veterans' Affairs created under ORS
			 406.005.
(7) "Deployment" means an act in which an
			 individual was ordered to active military duty on behalf of the United States
			 of America and was deployed outside the United States as defined in the
			 Act.
(8) "Director" means the
			 Director of the Department of Veterans' Affairs.
(9) "Equity" means unencumbered and unpledged
			 cash, real property or personal property owned or controlled to the
			 Department's satisfaction by an Applicant or the Small Business in which the
			 Applicant owns a Controlling Interest and committed to the Department's
			 satisfaction for use in the Project for which a Program loan is being sought by
			 the Applicant. The valuation of such Equity shall be subject to determination
			 by the Department in its reasonably conservative discretion.
(10) "Funds" means moneys available to the
			 Veterans' Small Business Repair Loan Program from the Fund.
(11) "Mobilization" means an act which an
			 individual left his or her home station and was transferred to a mobilization
			 site for federal service as defined in the Act.
(12) "Person" means any individual,
			 association of individuals, joint venture, partnership, corporation, limited
			 liability company, sole proprietorship or other legal entity.
(13) "Project" means the repair,
			 rehabilitation, operation or maintenance of a Small Business.
(14) "Setback" means a material business
			 disruption incurred by a Small Business due to the Veteran's Mobilization or
			 Deployment as determined by the Department.
(15) "Small Business" means a business that:
(a) Is a corporation, partnership, sole
			 proprietorship or other legal entity licensed and located in Oregon and formed
			 for the purpose of making a profit, and that is independently owned and
			 operated from all other businesses; and
(b) Employs 50 or fewer
			 persons.