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HB2862 • 2025

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.

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.

Labor Small Business
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Representative Evans
Last action
2025-06-27
Official status
In House Committee
Effective date
Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. 2025-06-27 House

    In committee upon adjournment.

  2. 2025-01-17 House

    Referred to Economic Development, Small Business, and Trade with subsequent referral to Ways and Means.

  3. 2025-01-13 House

    First reading. Referred to Speaker's desk.

Official Summary Text

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.
Relating to: Relating to interest-only loans to assist small businesses to increase employment.
Current location: In House Committee