§ 3. Definitions.
1."Small business" shall mean a business located in\nan area having one or more of the characteristics described in section\ntwo which is unable to obtain adequate financing to maintain a\nstabilized work force or increase job opportunities by virtue of (a) its\nlocation, (b) its net assets or (c) its dollar volume of business.\n 2. "Fund" shall mean the urban development guarantee fund of New York\ncreated by section four of this act.\n 3. "Small business project" shall mean construction of any new\nbuilding, purchase of an existing building, or refinancing of an\nexisting building in order to facilitate substantial improvement\nthereto, the financing of real property deemed essential for the conduct\nof business, the extension or provision of utilities and any othe
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§ 3. Definitions. 1. "Small business" shall mean a business located in\nan area having one or more of the characteristics described in section\ntwo which is unable to obtain adequate financing to maintain a\nstabilized work force or increase job opportunities by virtue of (a) its\nlocation, (b) its net assets or (c) its dollar volume of business.\n 2. "Fund" shall mean the urban development guarantee fund of New York\ncreated by section four of this act.\n 3. "Small business project" shall mean construction of any new\nbuilding, purchase of an existing building, or refinancing of an\nexisting building in order to facilitate substantial improvement\nthereto, the financing of real property deemed essential for the conduct\nof business, the extension or provision of utilities and any other\nappurtenant facilities to be used by any small business, or any\nnecessary machinery, equipment or stock, working capital or other\ncapital investment therein, or any combination of the foregoing, which\nthe fund shall determine will tend to provide gainful employment for the\npeople of the state and/or increase the tax base of the economy, or\ndiversify and expand small business, or any combination of the\nforegoing.\n 4. "Housing project" shall mean the construction of any new building,\npurchase of an existing building or refinancing of an existing building\nand real property deemed essential to such project, in order to\nfacilitate substantial improvement thereto, designed and intended to\nprovide housing accommodations for persons and families which cannot\nafford safe and sanitary housing accommodations provided by the unaided\nefforts of private enterprise, and such facilities as may be incidental\nand appurtenant thereto.\n 5. "Loan guarantee fund" shall mean the fund created in section six of\nthis act.\n 6. "Operation and maintenance fund" shall mean the fund created in\nsection seven of this act.\n 7. "Lending institution" shall mean the original lender under the loan\nagreement of participants therein and its successors and assigns, and\nmay include but is not limited to, an individual lender, corporation,\ninsurance company, bank, investment company, executor, trustee or other\nfiduciary, pension, profit sharing, and retirement fund.\n 8. "Payments" shall mean periodic payments called for under the terms\nof a loan, and may include, but is not limited to, interest,\ninstallments of principal, taxes and assessments, loan insurance\npremiums and hazard insurance premiums.\n 9. "New York state urban development corporation" shall mean the\ncorporation created by the New York state urban development corporation\nact.\n