§ 11-56-20 — Definitions.

As used in this chapter: (1) "Department" means the Department of Commerce. (2) "Financial institution" means an organization authorized to do business under state or federal laws relating to financial institutions. (3) "Microenterprise" means any business, whether new or existing, with five or fewer employees, including startup, home-based, and self-employed businesses. (4) "Microloan" means any business loan up to twenty-five thousand dollars. (5) "Microloan delivery organization" means a community-based or nonprofit program that has developed a viable plan for providing training, access to financing, and technical assistance for microenterprises. (6) "Operating costs" means the costs associated with administering a loan or a loan guaranty, administering a revolving loan program, or providing for business training and technical assistance to a microloan recipient. (7) "Program" means the Microenterprise Partnership Program. (8) "Statewide microlending support organization" means a community-based or nonprofit organization that has a demonstrated capacity and a plan for providing and administering grants or loans to microloan delivery organizations.

Legislative History

HISTORY: 2014 Act No. 171 (H.3125), SECTION 1.A, eff January 1, 2014.