Relating to interest-only loans to assist small businesses to increase employment.
Catchline/Summary:
Establishes the Local Markets Small Business Capital Loan Program to be administered by the Oregon Business Development Department for the purpose of making interest-only loans to allow businesses with not more than 50 employees to hire new employees. Digest: The Act would create a loan program to support small businesses. (Flesch Readability Score: 72.6).
Establishes the Local Markets Small Business Capital Loan Program to be administered by the Oregon Business Development Department for the purpose of making interest-only loans to allow businesses with not more than 50 employees to hire new employees. Requires the payment of principal plus penalty for failure to hire and retain employees for at least two years.
Establishes the Local Markets Small Business Capital Loan Fund for the purpose of administering the loan program.
Appropriates moneys to the department for the purpose of administering the loan program and loan fund.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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HB 2862 House Committee On Economic Development, Small Business, and Trade
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