OAR 123-019-0020: Eligibility

(1) To be eligible for a loan from the Fund, each Applicant must meet one or more of the criteria in this section: (a) The Applicant must have had total revenues of $1,500,000 or less in the 12 calendar months immediately preceding the date application is made to the Fund for a loan; (b) The Applicant must have 25 or fewer full-time equivalent employees at the time of application; or, (c) At least 50 percent of the Applicant’s business or proposed business must be owned by an individual or individuals classified as Severely Disabled. (2) The Applicant may not be effectively owned or controlled by another business entity or other person, or own or control another business entity that, either by itself or when combined with the Applicant, is not eligible for a loan under this rule. Ownership of 50 percent or more of the Applicant would constitute, or a subsidiary which sells a majority of its goods or services to the parent may constitute, effective ownership or control. The Finance Manager may, however, make this determination based on the facts of an individual case. (3) The Principal of the Applicant must be active in the day-to-day operations of the business, otherwise the business is considered to be a passive investment and is not eligible for a loan from this Fund.