- (1) The Seed Money Advance amount shall not exceed $40,000. Seed Money Advances shall be made from the Department's Revolving Account in the General Fund of the State Treasury, subject to the availability of funds and limitations otherwise prescribed by law.
- (2) Requests for Seed Money Advance Loan funds for market-studies will not exceed $7,500.
- (3) The Department shall charge no interest on a Seed Money Advance provided Nonprofit Borrowers.
- (4) Interest on a Seed Money Advance provided to other Borrowers shall be determined by the Department at 50 percent of the set prime lending rate established by New York commercial banks and in effect at the time the Advance is made.
Statutory/Other Authority
ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650
Statutes/Other Implemented
ORS 456.550, 456.559, 456.574 & 456.710
History
OHCS 18-2006, f. & cert. ef. 10-3-06
OHCS 6-2006(Temp), f. & cert. ef. 4-13-06 thru 10-9-06
HSG 8-1991, f. & cert. ef. 12-23-91
HSG 2-1991(Temp), f. & cert. ef. 8-7-91
HSG 12-1989, f. & cert. ef. 11-3-89
HSG 3-1989(Temp), f. & cert. ef. 6-8-89
HSG 8-1987, f. & ef. 3-10-87
1HD 15-1984, f. & ef. 9-4-84
1HD 5-1982, f. & ef. 6-28-82
1HD 10-1981(Temp), f. & ef. 8-27-81