OAR 141-060-0020: Financial Awards

(1) The Board may require retention of a minimum balance in the Fund to ensure that monies will be available for future awards. (2) Awards shall be made only in the form of loans and only to qualified applicants for approved uses of the Fund: (a) The loans shall be made from the loanable balance of the ORR Fund, from the interest income of the Fund, and from annual loan repayments; (b) The number of loans shall be determined by the Board. (3) Maximum loan amounts shall be determined by the Board prior to notifying the public of available funds. (4) The Board shall establish the maximum interest rate for each funding cycle prior to giving public notice of available funds. (5) The Board shall determine the interest rate to accompany each award based on the applicant’s financial ability to repay interest on the award. (6) The Board shall determine repayment schedules on each award based on the financial ability of the applicant to repay the award and interest imposed under section (4) of this rule. (7) The Board shall determine appropriate security for each award based on the availability and value of the security and the nature and extent of encumbrances upon such security.