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OR HB2862
Bill
Status
Failed
6/27/2025
Primary Sponsor
Paul Evans
Click for details
AI Summary
- Establishes the Local Markets Small Business Capital Loan Program, administered by the Oregon Business Development Department, providing interest-only loans to businesses with 50 or fewer employees
- Loan amounts tied to hiring commitments: $10,000 for one new full-time employee, $20,000 for two, or $30,000 for three, with employees retained for at least two years
- Principal is forgiven if the business meets employment retention requirements for the full two-year period; only interest payments continue through the loan term
- Failure to maintain required employment levels triggers immediate repayment of all deferred principal plus a 10% penalty, with a three-week cure period available
- Creates the Local Markets Small Business Capital Loan Fund in the State Treasury, funded by fees, loan repayments, legislative appropriations, and other sources
Legislative Description
Relating to interest-only loans to assist small businesses to increase employment.
Last Action
In committee upon adjournment.
6/27/2025
Committee Referrals
Economic Development, Small Business, and Trade1/17/2025
Full Bill Text
No bill text available