As used in this part, the following definitions apply:

1. (1) "Certified microbusiness development corporation" means a microbusiness development corporation certified pursuant to 17-6-408.
2. (2) "Department" means the department of commerce provided for in 2-15-1801.
3. (3) "Development loan" means money loaned to a certified microbusiness development corporation by the department for the purpose of making microbusiness loans under the provisions of this part.
4. (4) "Microbusiness development corporation" means a nonprofit corporation organized and existing under the laws of the state to provide training, technical assistance, and access to capital for the startup or expansion of qualified microbusinesses.
5. (5) "Microbusiness loan" means a loan made from or guaranteed by a revolving loan fund contributed to by the microbusiness finance program.
6. (6) "Program" means the microbusiness finance program established in 17-6-406.

7. (7) "Qualified microbusiness" means a business enterprise located in the state that:

   1. (a) produces goods or provides services and has fewer than 10 full-time equivalent employees and annual gross revenue of less than $1 million; or
   2. (b) produces energy using an alternative renewable energy source as defined in 15-6-225.
8. (8) "Revolving loan fund" means a fund required to be established by a certified microbusiness development corporation that receives a development loan.

History: En. Sec. 3, Ch. 602, L. 1991; amd. Sec. 17, Ch. 591, L. 2001; amd. Sec. 3, Ch. 351, L. 2003; amd. Secs. 5, 15, Ch. 405, L. 2003; amd. Sec. 2, Ch. 31, L. 2007.