reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 87 - PRIVATE SECTOR CONTRIBUTIONS AND INVOLVEMENT › Section 123-087-0020 - Solicitation and Use of Private Support

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department may solicit, receive and
			 use Private Sector Support in the following contexts:
(a) Special projects for public information,
			 publicity or promotional activities related to economic and community
			 enhancement in this state;
(b)
			 Employees who are hired by the state government but whose compensation is
			 entirely or partially attributable to donations received by the Department or
			 by the state government on the Department's behalf from one or more private
			 entities;
(c) Personnel employed by
			 the contributing entity who are loaned to the Department for performing certain
			 purposes, and who receive no compensation from the Department except for
			 reimbursement of expenses;
(d)
			 Activities related to the expansion, retention or recruitment of businesses,
			 employment or commerce in and for this state;
(e) Efforts to organize, educate or increase
			 institutional or human capacity for and among persons engaged in local economic
			 and community development;
(f) Free
			 or discounted provision of or access to public speakers, expertise, printing,
			 advertisement, transportation, accommodations and so forth; or
(g) Similar reasons and
			 circumstances.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 87 - PRIVATE SECTOR CONTRIBUTIONS AND INVOLVEMENT › Section 123-087-0030 - Avoiding Conflicts of Interest

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department shall solicit and receive
			 Private Sector Support only for the purpose of assisting the Department to
			 undertake or implement the programs, functions or laws that it is charged with
			 administering.
(2) Private Sector
			 Support may not be received or used in any way that:
(a) Provides for the personal benefit of any
			 state employee;
(b) Directly
			 benefits any entity responsible for the support; or
(c) Pertains significantly to Department
			 actions, decisions or resources with the potential to have a pecuniary
			 advantage or detriment to such an entity.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 88 - University Innovation Research Fund › Section 123-088-0010 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
The University Innovation Research Fund was established by the
				Oregon Legislature in 2019 through HB 2377. The purpose of this division of
				rules is to document the process and criteria by which this fund will be used
				to support innovation and commercialization of technology that has a direct or
				potential connection to economic development from Oregon's public universities
				and Oregon Health & Science University (OHSU).
Statutory/Other Authority: Sec 21, Ch. 643 OL 2019 & HB
				  2377 (2019)
Statutes/Other Implemented: Sec 21, Ch. 643 OL 2019 & HB
				  2377 (2019)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 88 - University Innovation Research Fund › Section 123-088-0020 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of these rules additional definitions may be
				found in Procedural Rules, OAR 123-001. For purposes of this division of
				administrative rules, unless the context demands otherwise:
(1) "Committee" means the group that does the
			 initial evaluation of requests for matching commitments from the University
			 Innovation Research Fund.
(2)
			 "Council" means the Oregon Innovation Council.
(3) "Fund" means the University Innovation
			 Research Fund.
(4) "SRO" means the
			 Senior Research Officer.
(5) "SROC"
			 means the Senior Research Officer Council, which consists of the SRO from each
			 public university in Oregon and OHSU.
Statutory/Other Authority: Sec 21, Ch. 643 OL 2019 & HB
				  2377 (2019)
Statutes/Other Implemented: Sec 21, Ch. 643 OL 2019 & HB
				  2377 (2019)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 88 - University Innovation Research Fund › Section 123-088-0030 - Qualifying Universities

Current through Register Vol. 63, No. 7, July 1, 2024
All public universities in Oregon as established in ORS
				352.002 and OHSU are eligible to
				request access to the fund. That is, Eastern Oregon University, Portland State
				University, Oregon State University, Oregon Institute of Technology, Southern
				Oregon University, University of Oregon, Western Oregon University and OHSU are
				eligible. Hereafter, all of these institutions are collectively referred to as
				the universities.
Statutory/Other Authority: Sec 21, Ch. 643 OL 2019, HB 2377
				  (2019) & ORS 352.002
Statutes/Other Implemented: Sec 21, Ch. 643 OL 2019 & HB
				  2377 (2019)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 88 - University Innovation Research Fund › Section 123-088-0040 - Eligible and Ineligible Uses of the Fund

Current through Register Vol. 63, No. 7, July 1, 2024
The Fund can be used as match for federal proposals that
				require financial match for projects that will support innovation or
				commercialization of technology at the universities that has a direct or
				potential connection to economic development. Projects shall require a match of
				at least $250,000 to access the Fund. Exceptions may be made to allow for
				smaller matches when the Committee recommends it. The Fund is not to be used as
				match for basic research projects or other projects that do not have a direct
				or potential connection to economic development. The projects should align with
				priority industries, such as advanced manufacturing, high technology, outdoor
				gear and apparel, health care innovation, food and beverage, and forestry and
				wood products. The Department, after reviewing information from the Council and
				the Committee, will make the final determination of whether a project is
				eligible or not.
Statutory/Other Authority: Sec 21, Ch. 643 OL 2019 & HB
				  2377 (2019)
Statutes/Other Implemented: Sec 21, Ch. 643 OL 2019 & HB
				  2377 (2019)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 88 - University Innovation Research Fund › Section 123-088-0060 - Grant Agreements and Reporting Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For all proposals receiving match
			 commitment from the Fund, SROs shall inform the Department within two weeks of
			 notification by the federal agency whether a proposal has been accepted or
			 rejected. A rejected proposal that will be resubmitted to an agency must make a
			 new request for matching funds and go through the full process again.
(2) For the proposals that are funded by the
			 federal government, the Department will negotiate and enter into grant
			 agreements with the university for the financial match.
(3) The Department shall disburse monies from
			 the Fund only after entering into a binding agreement with the
			 university.
(4) The agreement will
			 be in form and substance as provided by the Department and contain provisions
			 that the Department considers necessary or appropriate to implement the
			 assistance, and must include
(a) A provision
			 that the obligation of the Department under the agreement is contingent upon
			 the availability of moneys in the Fund;
(b) A provision for reporting to the
			 Department that includes, at a minimum, data on the benefits of the project,
			 performance measures or return on investment from the project, and other
			 information necessary to evaluate the success and impacts of the project;
			 and
(c) A provision that the
			 organization shall maintain accounts and records of all project-related
			 activities and shall allow Department access to such records.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 89 - Oregon Innovation Fund › Section 123-089-0010 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
The purpose of these rules is to describe objectives, programs,
				processes and criteria for funding projects from the Oregon Innovation
				Fund.
Statutory/Other Authority: ORS
				  284.706, ORS
				  284.720 & ORS
				  284.742
Statutes/Other Implemented: ORS
				  284.720 & ORS
				  284.742
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 89 - Oregon Innovation Fund › Section 123-089-0020 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of this division of administrative rules,
				additional definitions are found in OAR 123-001 (Procedural Rules). As used in
				this OAR 123 division 89, the following terms have the meanings set forth
				below, unless the context clearly indicates otherwise.
(1) "Fund" means the Oregon Innovation Fund
			 established in ORS 284.720.
(2) "Oregon InC" means the Oregon Innovation
			 Council as established and described in ORS
			 284.701 to
			 284.749.
(3) "Traded sector" is defined in Oregon
			 statute as "industries in which member firms sell their goods or services into
			 markets for which national or international competition exists."
Statutory/Other Authority: ORS
				  284.706, ORS
				  284.720 & ORS
				  284.742
Statutes/Other Implemented: ORS
				  284.720 & ORS
				  284.742
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 89 - Oregon Innovation Fund › Section 123-089-0030 - Objectives, Priorities and Programs

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The objectives of the Fund are to help
			 create new jobs and companies, diversify Oregon's economy and bring federal
			 research dollars back to the state. Oregon InC is a public-private partnership
			 that advises the Department on how best to design programs and provide funding
			 to accomplish the Fund's objectives. Oregon InC will identify certain industry
			 sectors as priorities for the programs and funding. Moneys in the Fund are
			 deployed via programs that are described in subsequent sections.
(2) The Department and Oregon InC will
			 dedicate the Fund to one or more programs that support the Fund's objectives.
			 These programs may provide funding as grants or investments. All programs will
			 be designed and administered in accordance with these rules and are primarily
			 intended to support Oregon InC's industry focus areas:
(a) Active lifestyle (digital health, apparel
			 & outdoor gear and wearable technology)
(b) Advanced manufacturing (metals/advanced
			 materials, chemicals/processes and bioscience)
(c) Clean technology
(d) Natural Resources (agricultural
			 technology, wood products, and food & beverage)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 89 - Oregon Innovation Fund › Section 123-089-0040 - Eligibility and Criteria for Funding

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To be eligible for funding, projects must
			 involve a traded-sector industry. Traded sector is defined in Oregon statute as
			 industries in which member firms sell their goods or services into markets for
			 which national or international competition exists.
(2) To be eligible for funding, organizations
			 must be Oregon-based, which is defined as having more than 50% of the
			 organization's employees located in Oregon.
(3) Other, program-specific eligibility
			 requirements will be developed by the Department and Oregon InC that will be
			 included in each program's guidelines and requests for applications or
			 proposals.
(4) Oregon InC and
			 review committees will establish criteria for each funding program and
			 opportunity. Examples of the criteria that could be used to evaluate projects
			 include, but are not limited to:
(a) Leverage
			 - This includes funding and other resources from the industry sector, project
			 collaborators or other sources. It also includes the use of non-financial
			 leverage, such as supporting university research, other economic development
			 activities and/or legislative initiatives. Financial and in-kind leverage will
			 be specified.
(b) Uniquely
			 attributable links to Oregon - This includes geographic advantages or other
			 attributes unique to Oregon, as well as any link to one of Oregon's existing
			 key industry sectors.
(c) Level of
			 impact derived from Oregon InC's investment - The potential for the use of a
			 relatively small amount of Oregon InC funding to have significant returns for
			 the project and the State.
(d)
			 Ability to scale into significant jobs and/or revenue - The potential for a
			 project to have job impacts in the medium- to long-term.
(e) Broad impacts - This includes the
			 project's geographic scope, impacts on multiple income levels, and
			 diversity/equity/inclusion impacts.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 89 - Oregon Innovation Fund › Section 123-089-0050 - Application and Proposal Review and Evaluation Approval

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Oregon InC may issue calls for
			 applications or proposals for programs deploying moneys from the Fund. If
			 applications are requested, the Department will issue an application form and
			 program guidelines for applicants to follow. If requests for proposals are
			 issued, the Department will issue a formal request with timelines, proposal
			 requirements, criteria, eligible uses of funds and any other information
			 necessary for an organization to submit a responsive proposal.
(2) The Department will review applications
			 and proposals to determine whether they are complete and the proposer and the
			 project are eligible for program funds.
(3) If an individual applicant or proposer,
			 an organization submitting an application or proposal, or a project is
			 determined to be ineligible, the Department will notify the applicant or
			 proposer that the application or proposal is ineligible.
(4) The Department may deem an application or
			 proposal ineligible if the:
(a) Applicant,
			 proposer or project fails to meet program eligibility requirements,
(b) Applicant or proposer fails to provide
			 requested information in writing by the date required by the Department;
			 or
(c) Application or proposal
			 contains false or misleading information.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 89 - Oregon Innovation Fund › Section 123-089-0060 - Agreements and Disbursement of Funds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department will negotiate grant
			 agreements with those organizations chosen for funding.
(2) The Department shall disburse monies from
			 the Fund only after entering into a binding agreement with the
			 organization.
(3) The agreement
			 will be in form and substance as provided by the Department. The agreement will
			 contain provisions that the Department considers necessary or appropriate to
			 ensure legal sufficiency and proper project oversight. The agreement will
			 include a provision that the obligation of the Department under the agreement
			 is contingent upon the availability of moneys in the Fund.
Statutory/Other Authority: ORS
				  284.706, ORS
				  284.720 & ORS
				  284.742
Statutes/Other Implemented: ORS
				  284.720 & ORS
				  284.742
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 89 - Oregon Innovation Fund › Section 123-089-0070 - Audit Committee

Current through Register Vol. 63, No. 7, July 1, 2024
Oregon InC will establish an audit and accountability committee
				(Audit Committee) that shall monitor performance of larger council grants. The
				Audit Committee will provide oversight of any projects or signature research
				centers that receive funding of over $150,000. If a signature research center
				or an organization managing a project does not achieve its goals, the
				Department and Audit Committee will work with the organization to determine the
				cause(s) and identify action(s) to be taken to address the cause(s). If the
				actions are insufficient or unsuccessful, the Audit Committee can recommend to
				Oregon InC to reduce or eliminate funding for a project or signature research
				center or require funding be repurposed for a different activity. Oregon InC
				will evaluate the Audit Committee's recommendation and either approve the
				recommendation and forward it to the Department or work with the Audit
				Committee and the Department to revise the recommendation. The Director will
				decide about any repurposing, reduction or elimination of funding. The
				Director's decision is final.
Statutory/Other Authority: ORS
				  284.706, ORS
				  284.720 & ORS
				  284.742
Statutes/Other Implemented: ORS
				  284.720 & ORS
				  284.742
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 90 - STRATEGIC RESERVE FUND › Section 123-090-0000 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
The Strategic Reserve Fund was established by the Oregon
				Legislative Assembly to support economic and community development in Oregon.
				Particular emphasis shall be placed on investments that assist communities,
				businesses or industries with cost effective projects that assist the creation,
				expansion, and preservation of traded sector industries of Oregon, and that
				encourage diversification and preservation of regional
				economies.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.266
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 90 - STRATEGIC RESERVE FUND › Section 123-090-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of these rules additional definitions may be
				found in Procedural Rules, OAR 123-001. For purposes of this division of
				administrative rules, unless the context demands otherwise:
(1) "Administrative Expenses" mean any agency
			 expenditures included under the classifications of expenditures, except
			 categories of debt service and special payments, which are prepared and
			 prescribed for purposes of agency budget-making and accounting.
(2) "Community" means an area or a locality
			 in which the body of inhabitants has common economic or employment interests.
			 The term is not limited to a city, county or other political subdivision and
			 need not, but may be, limited by political boundaries.
(3) "Fund" means the Strategic Reserve Fund
			 established by ORS 285B.266.
(4) "Debt Retirement" means payment in full
			 of the balance owed on the principal of a loan.
(5) "Debt Service" means the interest and
			 charges currently payable on a debt, including principal payments.
(6) "Rural Area" means an area located
			 entirely outside of the acknowledged Portland Metropolitan Area Regional Urban
			 Growth Boundary and the acknowledged urban growth boundaries of the cities of
			 30,000 or more in population, including Albany, Bend, Corvallis, Eugene,
			 Springfield, Salem, Keizer or Medford.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.266
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 90 - STRATEGIC RESERVE FUND › Section 123-090-0020 - Funding Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
The Strategic Reserve Fund may be used to finance economic and
				community development projects that:
(1) Are reasonably expected to result in new
			 jobs, job retention, or higher incomes for Oregonians;
(2) Provide assistance to businesses that are
			 considering starting in, expanding in, or relocating to Oregon. Assistance will
			 be reserved for projects that result in a significant long-term economic
			 benefit for residents of the county in which the project will be located;
			 or
(3) Serve as a catalyst for
			 additional economic and community development benefits, or that will result in
			 improved utilization of existing Oregon resources.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.266
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 90 - STRATEGIC RESERVE FUND › Section 123-090-0030 - Ineligible Expenditures

Current through Register Vol. 63, No. 7, July 1, 2024
Strategic Reserve Funds will not be used to assist:
(1) Relocation of a business from one part of
			 the state to another, except for businesses that would otherwise relocate
			 outside Oregon. This restriction may be waived if the Director finds there is
			 good and sufficient reason.
(2) The
			 retirement or service of debt for any public or private entity; or
(3) The Department with any administrative
			 expenses without legislative authorization.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.266
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 90 - STRATEGIC RESERVE FUND › Section 123-090-0040 - Director's Review

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Projects
			 shall not be funded by the Fund unless the Director finds that:
(a) The Project is or will be supported by
			 the maximum feasible amount of local and private financial
			 participation;
(b) The Project will
			 produce significant long-term, regional or statewide economic
			 impacts;
(c) The Project will not
			 require continuing state subsidies;
(d) The Project does not supplant private
			 investment or duplicate or undermine similar efforts; and,
(e) The Project meets, or can be reasonably
			 expected to meet, at least one of the following criteria:
(A) The Project uses existing human and
			 natural resources to harness Oregon's economic comparative advantage;
(B) The Project promotes economic and
			 community recovery in Rural or Distressed areas, or among populations suffering
			 economic hardship;
(C) The Project
			 creates, or leads to the creation or retention of jobs of higher income for
			 Oregonians;
(D) The Project
			 promotes the development of new national and international markets for goods
			 and services produced in Oregon; or,
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 90 - STRATEGIC RESERVE FUND › Section 123-090-0050 - First Source Hiring

Current through Register Vol. 63, No. 7, July 1, 2024
Any firm receiving an award of more than $100,000 through the
				Strategic Reserve Fund shall enter into a first source agreement in accordance
				with division 70 of this chapter of administrative rules.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.266
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 90 - STRATEGIC RESERVE FUND › Section 123-090-0060 - Waivers

Current through Register Vol. 63, No. 7, July 1, 2024
The Director may waive non-statutory requirements of this
				division of administrative rules if the project demonstrates a contribution to
				state job strategies consistent with the purpose of the Strategic Reserve Fund.
				Projects that improve the economic condition of a Rural or Distressed Area, or
				further global competitiveness of Oregon firms may receive special
				consideration by the Director.
Stat. Auth.: ORS
				  285A.075(5)
				  & 285A.110
Stats. Implemented: ORS
				  285B.266
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 91 - OREGON BUSINESS RETENTION AND EXPANSION PROGRAM › Section 123-091-0001 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
This division of administrative rules clarifies, specifies and
				establishes procedures, standards and criteria for operation of and making
				loans to businesses from the Oregon Business Retention and Expansion Program
				(OBEP).
Stat. Auth.: ORS
				  285A.075,
				  285 B & OL Ch. 549, Sec. 1-8 &
				  10-11
Stats. Implemented: ORS 285 B, OL Ch. 549, Sec. 1-8 &
				  10-11
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 91 - OREGON BUSINESS RETENTION AND EXPANSION PROGRAM › Section 123-091-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purpose of this rule, the following terms shall have
				the following meanings:
(1) "Business"
			 means any individual, association of individuals, joint venture, partnership,
			 limited liability company or corporation which is validly existing and
			 authorized to conduct business in Oregon.
(2) "Calendar year" means an individual's tax
			 year of January 1-December 31.
(3)
			 "Department" means the Oregon Business Development Department as established
			 under ORS 285A.070.
(4) "Director" means the director of the
			 Department as appointed under ORS
			 285A.070.
(5) "Eligible Employee" means a new employee
			 of the Business:
(a) Who will have an annual
			 wage that is at least 150% of the most recently available average pay for the
			 county in which the new job will be created or the most recently available
			 average pay for the state, both as determined by the Oregon Employment
			 Department in the Covered Employment and Wages Summary Report, whichever is
			 less;
(b) Who will be hired by the
			 Business at its Oregon facility before the end of the two calendar years
			 following the year of OBEP loan approval;
(c) For whom FICA and state and federal
			 income taxes are deducted from his/her gross wages, which are then forwarded to
			 the appropriate agencies by the Business on behalf of the person;
(d) For whom the Business pays state and
			 federal unemployment insurance; and
(e) For whom the Business contributes to
			 FICA.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 91 - OREGON BUSINESS RETENTION AND EXPANSION PROGRAM › Section 123-091-0015 - Criteria for OBEP Fund Loan

Current through Register Vol. 63, No. 7, July 1, 2024
In order to be eligible for a loan from the OBEP Fund, the
				Department must first find:
(1) That,
			 at the time a loan from the OBEP Fund is considered for approval, the Business:
(a) Has at least 150 employees as
			 demonstrated by documentation determined to be acceptable by the
			 Department;
(b) Is a traded sector
			 business, as defined in ORS
			 285A.010;
(c) Is not a retailer, as defined in ORS
			 72.8010;
(d) Plans to hire at least 50 full-time
			 Eligible Employees before the end of the two calendar years following the year
			 in which the OBEP loan is approved;
(e) Has stated to the Department that a loan
			 from the OBEP was an integral factor in the Business's decision to hire at
			 least 50 full-time Eligible Employees; and
(f) Has provided all information to the
			 Department as requested and as required by the Oregon Business Retention and
			 Expansion Program;
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 91 - OREGON BUSINESS RETENTION AND EXPANSION PROGRAM › Section 123-091-0020 - Approval and Amount of OBEP Fund Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Director, or his designee, in his
			 sole discretion, shall determine whether to approve a loan to a Business from
			 the OBEP Fund and the amount of the loan.
(2) A loan from the OBEP Fund shall not
			 exceed the lesser of:
(a)
(A) The amount of estimated Oregon personal
			 income taxes to be paid in the two calendar years following the year of OBEP
			 loan approval by Eligible Employees, using the result of the following
			 formula:
(B) Average wage of all
			 Eligible Employees multiplied by the applicable Tax as a Percent of Taxable
			 Income from Table B: Average Income and Tax (Dollars) in the Oregon Department
			 of Revenue's most recently published Oregon Personal Income Tax Statistics, All
			 Returns and Full-Year Resident Returns (by AGI) multiplied by 2.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 91 - OREGON BUSINESS RETENTION AND EXPANSION PROGRAM › Section 123-091-0025 - Loan Agreement

Current through Register Vol. 63, No. 7, July 1, 2024
After approval of a loan from the OBEP Fund, the Department
				will enter into a loan agreement with the Business. Among other items, the loan
				agreement will contain the following provisions:
(1) The Business must enter into a First
			 Source Agreement in accordance with OAR 123-070;
(2) The Business, to the extent practicable,
			 must consult with vendors in Oregon before entering into contracts for goods
			 and services;
(3) The Business must
			 duly execute and deliver the following to the Department within 90 days from
			 the date the loan was approved:
(a) Loan
			 agreement;
(b) Promissory
			 note;
(c) If required, a copy of
			 the First Source Agreement; and
(d)
			 Any other certificates, opinions and documents as the Department may reasonably
			 require regarding the authorization of the loan agreement, the promissory note
			 and any related documents.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 91 - OREGON BUSINESS RETENTION AND EXPANSION PROGRAM › Section 123-091-0030 - Waivers

Current through Register Vol. 63, No. 7, July 1, 2024
The Director, or his designee, may waive non-statutory
				requirements of this division of administrative rule if such a waiver will
				serve to further the goals of the Oregon Business Retention and Expansion
				Program.
Stat. Auth.: ORS
				  285A.075,
				  285 B & OL Ch. 549, Sec. 1-8 &
				  10-11
Stats. Implemented: ORS 285 B, OL Ch. 549, Sec. 1-8 &
				  10-11
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0010 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
The purpose of these rules is to provide procedures, standards
				and criteria for the making of loans from the Small Business Expansion Loan
				Fund, also referred to as the Oregon Royalty Fund (ORF).
Statutory/Other Authority: ORS
				  285B.092 & OL Ch 71
				  2018
Statutes/Other Implemented: ORS
				  285B.092 & OL Ch 71
				  2018
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0020 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purpose of these rules additional definitions may be
				found in Procedural Rules, OAR
				123-001-0050. For purposes of
				this division of administrative rules, unless the context requires
				otherwise:
(1) "Applicant" means any
			 person or any combination of persons applying for a loan from the Oregon
			 Royalty Fund through the Oregon Royalty Loan Program or the Oregon Angel Loan
			 Program.
(2)
(a) "Business Development Project" means the
			 use of working capital or the acquisition, engineering, improvement,
			 rehabilitation, construction, operation or maintenance of any property, whether
			 real or personal, by an Oregon Growth Business to support its growth.
(b) Specifically excluded from the definition
			 of Business Development Project is any use of funds for:
(A) relending; or
(B) expenditure for personal purposes,
			 including the refinancing of personal debt or debt not otherwise incurred for
			 business purposes.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0030 - Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Eligible
			 projects are business development projects as defined in OAR
			 123-092-0020(2).
(2) To be eligible, an applicant must operate
			 an Oregon Growth Business.
(3) The
			 primary focus of ORF is to provide net, new money financing for Oregon Growth
			 Businesses. However, applications to refinance an Oregon Growth Business's
			 existing debt or equity financing may be considered on a limited basis at the
			 sole discretion of the Department.
Statutory/Other Authority: ORS
				  285B.092 & OL Ch 71
				  2018
Statutes/Other Implemented: ORS
				  285B.092 & OL Ch 71
				  2018
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0040 - Reserved Loans

Current through Register Vol. 63, No. 7, July 1, 2024
The Department may reserve up to 20 percent of all moneys
				available for lending in the ORF on July 1 of each fiscal year for loans during
				the fiscal year that begins on that day to applicants who are individuals or
				for which a majority of whose owners are individuals considered to have low to
				moderate household income and low to moderate personal net worth, as defined by
				the Department, and who operate businesses:
(1) Controlled and with at least 51 percent
			 ownership interest by minorities (as defined by the Department), women, or
			 honorably discharged veterans; or
(2) That are located outside of the Portland,
			 Oregon, Metropolitan Statistical Area.
Statutory/Other Authority: ORS
				  285B.092 & OL Ch 71
				  2018
Statutes/Other Implemented: ORS
				  285B.092 & OL Ch 71
				  2018
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0050 - Application Procedure

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An applicant
			 may submit an application to the Department on a form or in a format approved
			 by the Department, together with an Application Fee.
(2) If the amount of the loan being sought
			 from the Fund is $250,000 or less, the Director may in the Director's sole
			 discretion approve or deny the loan request or make a recommendation to the
			 Finance Committee for the Committee's consideration.
(3) For loan requests that exceed $250,000,
			 the Department may deny the loan requested or make a recommendation to the
			 Finance Committee, which may then in its sole discretion approve or deny the
			 loan request.
(4) If a loan request
			 is approved, the Department shall prepare the documents necessary to close the
			 loan transaction. Such documents shall reflect all terms and conditions upon
			 which the Finance Committee conditioned approval of the loan. Any material
			 modifications of those terms and conditions must be approved by the Chair of
			 the Finance Committee or his/her designee, or the Director for loans of
			 $250,000 or less.
Statutory/Other Authority: ORS
				  285B.092 & OL Ch 71
				  2018
Statutes/Other Implemented: ORS
				  285B.092 & OL Ch 71
				  2018
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0060 - Loan Conditions of the Oregon Royalty Loan Program

Current through Register Vol. 63, No. 7, July 1, 2024
The Department may approve a loan request if it finds
				that:
(1) The proposed Business
			 Development Project is feasible and a reasonable risk from practical and
			 economic standpoints, the Applicant demonstrates readiness for market, and the
			 loan has a reasonable prospect of repayment.
(2) The applicant can provide good and
			 sufficient collateral for the loan and personal and/or corporate guarantees, or
			 a combination of the preceding items, that are adequate relative to the risks
			 and potential returns, and the applicant's financial resources are adequate to
			 ensure success of the project, all as determined by the Department at its sole
			 discretion. Collateral value will be determined at the sole discretion of the
			 Department. A lack of sufficient collateral or a lack of guarantor support may
			 result in a higher return requirement to offset the higher risk associated with
			 either not having sufficient collateral and or guarantor support.
(3) The Applicant demonstrates to the
			 Department's satisfaction a reasonable potential for strong gross profit margin
			 and rapid sales growth that may support economic diversification in the state
			 or the region in which the business is conducted, increase employment
			 opportunities or retain existing jobs in the state or region, or increase the
			 competitiveness of the Applicant's business in the Traded Sector.
(4) While an ORL may fund up to 100% of the
			 Business Development Project, preference may be given to Business Development
			 Projects that include funding sources other than the ORL.
(5) Any loans approved by the Department
			 utilizing SSBCI Funds must demonstrate a minimum 1:1 match of private equity
			 raised as a result of the ORL for the project. Utilization of SSBCI Funds in a
			 project to fund a loan are made at the sole discretion of the Department and
			 all loans greater than $250,000 will be required to use SSBCI Funds unless
			 otherwise waived by the Department.
(6) Monies in the Fund are or will be
			 available for the proposed business development project.
(7) The applicant and Qualified Business must
			 be in compliance with, and remain compliant with all local, state and federal
			 laws and regulations.
(8) The
			 applicant, borrower, guarantors and principal owners are current on all
			 obligations to the State of Oregon.
(9) The applicant can show the ability to
			 repay an amount typically up to 2X of the loan amount over a three (3) to five
			 (5) year period.
(10) The applicant
			 can demonstrate existing reoccurring sales to repay the loan.
Statutory/Other Authority: ORS
				  285B.092, ORS
				  285A.060, ORS
				  285A.070 & ORS
				  285B.130 & ORS
				  285B.133
Statutes/Other Implemented: ORS
				  285B.092, ORS
				  285A.060, ORS
				  285A.070 & ORS
				  285B.130 & ORS
				  285B.133
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0065 - Loan Conditions of the Oregon Angel Loan Program

Current through Register Vol. 63, No. 7, July 1, 2024
The Department may approve a loan request if it finds
				that:
(1) The proposed business
			 development project is feasible and a reasonable risk from practical and
			 economic standpoints, the applicant demonstrates readiness for market, and the
			 loan has reasonable prospect of repayment.
(2) The applicant can provide sufficient
			 collateral for the loan and personal and/or corporate guarantees, or a
			 combination of the preceding items, that are adequate relative to the risks and
			 potential returns, and the applicant's financial resources are adequate to
			 ensure success of the project, all as determined by the Department at its sole
			 discretion. Collateral value will be determined at the sole discretion of the
			 Department. A lack of sufficient collateral or a lack of guarantor support may
			 result in a higher return requirement to offset the higher risk associated with
			 either not having sufficient collateral and or guarantor support.
(3) The applicant demonstrates to the
			 satisfaction of the Department a reasonable potential for strong gross profit
			 margin and sales growth that may support economic diversification in the state
			 or the region in which the business is conducted, increase employment
			 opportunities or retain existing jobs in the state or region, or increase the
			 competitiveness of the applicant business in the traded sector.
(4) While an OAL may fund up to 100% of the
			 business development project, preference may be given to business development
			 projects that include funding sources other than the OAL.
(5) Any loans approved by the Department
			 utilizing SSBCI Funds must demonstrate a minimum 1:1 match of private equity
			 raised as a result of the OAL for the project. The Department may require
			 additional private match as a condition of approval at its sole discretion.
			 Utilization of SSBCI Funds in a project to fund a loan are made at the sole
			 discretion of the Department and all loans greater than $250,000 will be
			 required to use SSBCI Funds unless otherwise waived by the
			 Department.
(6) Monies in the Fund
			 are or will be available for the proposed business development
			 project.
(7) The applicant and
			 Qualified Business must be in compliance with, and remain compliant with, all
			 local, state and federal laws and regulations.
(8) The applicant, borrower, guarantors and
			 principal owners are current on all obligations to the State of
			 Oregon.
(9) The applicant can
			 demonstrate existing reoccurring sales to repay the loan.
Statutory/Other Authority: ORS
				  285B.092, ORS
				  285A.060, ORSA.070 & OL Ch
				  71 2018
Statutes/Other Implemented: ORS
				  285B.092, ORS
				  285A.060, ORSA.070 & OL Ch
				  71 2018
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0070 - Loan Agreement for an Oregon Royalty Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the Finance Committee approves a loan,
			 the Department and the borrower may enter into a loan contract that, among
			 other matters:
(a) shall set forth a plan for
			 repayment by the borrower to the Oregon Royalty Fund moneys borrowed through
			 the Oregon Royalty Loan Program, along with royalties calculated as a
			 percentage of the borrower's sales or revenue as a means of effecting an
			 adequate rate of return typically up to 2X on the monies loaned, as determined
			 at the sole discretion of the Finance Committee, and:
(A) based on loan pricing and total repayment
			 costs, ORL financing for the project does not directly compete with traditional
			 commercial lending sources,
(B) is
			 commensurate with the level of risk taken when making the loan and are
			 anticipated to cover operational expenses and losses incurred by the
			 ORF.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0075 - Loan Agreement for an Oregon Angel Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the Department approves a loan,
			 commitments are good for 12 months and conditioned upon the borrower raising
			 between 1 to 10X of the amount of the Oregon Angel Loan Fund Award (e.g.,
			 $250,000 Angel Loan Award at 4X would require no less than $1,000,000 of new
			 closed private equity/debt financing). The Department and the borrower may
			 enter into a loan contract that, among other matters, shall set forth a plan
			 for repayment by the borrower to the Oregon Royalty Fund moneys borrowed from
			 the Fund through the Oregon Angel Loan Program and shall include terms that
			 include:
(a) Total Repayment means repayment
			 of all outstanding principal, interest and the Exit Fee.
(A) The Exit Fee will be held in perpetuity
			 and is due upon a merger, acquisition, buyout, additional outside debt
			 financing or any type of change in management control or ownership. If there is
			 not an arms-length merger, acquisition or buyout determining the value of the
			 business, the Exit Fee will be based upon an independent valuation of the
			 business. The Department, at its sole discretion may make demand for payment in
			 full for the Exit Fee at maturity. Any terms and conditions extended to repay
			 the Exit Fee through periodic payment of principal and interest are made at the
			 sole discretion of the Department and may require, but shall not be limited to,
			 personal guarantees, pledges of business and/or personal assets or any other
			 collateral and security the Department deems prudent to adequately secure the
			 outstanding obligation.
(B) Amount
			 of the Exit Fee is based on the due diligence performed on the company and
			 project. Due diligence will include factors including, but not limited to, the
			 current recurring sales, proformas and assumptions, amount of equity
			 commitments, qualifications of the management team, term of the loan, value of
			 collateral available and pledged as security, current and anticipated future
			 valuation of the company, and the availability and strength of personal
			 guarantees. A typical Exit Fee is between 5-10% of the business valuation at
			 the time of the Exit.
(C) The
			 pledge to achieve Total Repayment, security and guarantees for the Oregon Angel
			 Loan will remain in effect until the loan is paid in full.
(D) Total Repayment will be required at a
			 Liquidity Event.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 92 - SMALL BUSINESS EXPANSION LOAN FUND (OREGON ROYALTY FUND) › Section 123-092-0080 - Servicing, Amendments and Modifications

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All loans shall
			 be monitored by, and all loan repayments shall be made to, the
			 Department.
(2) It is the
			 responsibility of the borrower to ensure that the Department receives its
			 payment by the due date.
(3) Any
			 request for modification or amendment to any loan condition including extension
			 of payments shall be made in writing to the Department and approved or declined
			 by the Chair of the Finance Committee, or the Director for loans with a
			 principal balance of $250,000 or less.
Statutory/Other Authority: ORS
				  285B.092 & OL Ch 71
				  2018
Statutes/Other Implemented: OL Ch 71
				  2018