Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 40 - SEED MONEY ADVANCE PROGRAM
Section 813-040-0020 - Limitation on Size of Advance; Source of Funds

Universal Citation: OR Admin Rules 813-040-0020

Current through Register Vol. 63, No. 12, December 1, 2024

(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.

Stat. Auth.: ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650

Stats. Implemented: ORS 456.550, 456.559, 456.574 & 456.710

Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.