OAR 813-040-0020: Limitation on Size of Advance; Source of Funds

(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.