Criteria for OBEP Fund Loan

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; (2) That the Business’s proposed expansion will result in significant, long-term economic benefit in the region and will serve as a catalyst for additional economic development benefits in the state. Statutory/Other Authority: ORS 285A.075, 285B & OL Ch. 549, Sec. 1-8 & 10-11 Statutes/Other Implemented: ORS 285B, OL Ch. 549, Sec. 1-8 & 10-11 History: OBDD 4-2012, f. 3-30-12, cert. ef. 4-2-12