OAR 274-013-0010: Definitions

For the purposes of OAR chapter 274, division 013, the following terms have the following meanings, unless the context clearly indicates otherwise: (1) “Act” means 2008 Oregon Laws, chapter 18 as enacted by the Oregon Legislative Assembly through House Bill 3626 §19 and 20, effective February 11, 2008. (2) "Applicant" means any Veteran (individually or with his or her spouse) or Surviving Spouse applying for a Program loan from the Department on behalf of a Small Business in which the Applicant owns a Controlling Interest. (3) "Borrower" means any successful Applicant, and/or the Small Business in which such successful Applicant owns a Controlling Interest, approved for and provided a Program loan from the Fund by the Department. (4) "Collateral" means property subject to a security interest, security agreement, or otherwise pledged to the Department’s satisfaction for the repayment of a Program loan. (5) "Controlling Interest" means more than 50 percent ownership (whether individually by a Veteran or a Surviving Spouse or jointly by a Veteran and his or her spouse) of a Small Business for which a Program loan is sought. (6) "Department" means the Department of Veterans' Affairs created under ORS 406.005. (7) "Deployment” means an act in which an individual was ordered to active military duty on behalf of the United States of America and was deployed outside the United States as defined in the Act. (8) “Director" means the Director of the Department of Veterans' Affairs. (9) "Equity" means unencumbered and unpledged cash, real property or personal property owned or controlled to the Department’s satisfaction by an Applicant or the Small Business in which the Applicant owns a Controlling Interest and committed to the Department’s satisfaction for use in the Project for which a Program loan is being sought by the Applicant. The valuation of such Equity shall be subject to determination by the Department in its reasonably conservative discretion. (10) "Funds" means moneys available to the Veterans' Small Business Repair Loan Program from the Fund. (11) "Mobilization" means an act which an individual left his or her home station and was transferred to a mobilization site for federal service as defined in the Act. (12) "Person" means any individual, association of individuals, joint venture, partnership, corporation, limited liability company, sole proprietorship or other legal entity. (13) "Project" means the repair, rehabilitation, operation or maintenance of a Small Business. (14) "Setback" means a material business disruption incurred by a Small Business due to the Veteran's Mobilization or Deployment as determined by the Department. (15) "Small Business" means a business that: (a) Is a corporation, partnership, sole proprietorship or other legal entity licensed and located in Oregon and formed for the purpose of making a profit, and that is independently owned and operated from all other businesses; and (b) Employs 50 or fewer persons. (16) "Surviving Spouse" means the unremarried surviving spouse of a Veteran deceased as a result of the Veteran's Mobilization or Deployment. (17) "Veteran" means an individual who (by himself or herself, or jointly with a spouse) owns a Controlling Interest in a Small Business and who, at the time of the individual's Mobilization or Deployment, is: (a) A member of the Oregon National Guard; or (b) A member of the reserves of the Army, Navy, Air Force, Marine Corps or Coast Guard of the United States and a resident of Oregon. (18) "Veterans' Small Business Repair Loan Program" means these rules, related documents and relevant determinations by the Department, which are designed to assist any Veterans in addressing Setbacks to their Small Businesses due to the Veteran's Mobilization or Deployment.