The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Act—Machinery and Equipment Loan Fund Act (73 P. S. § § 399.31—399.40).

Eligible business—A for-profit corporation, partnership or proprietorship which is involved in industrial processes, mining, manufacturing or other industrial sectors.

Machinery and equipment—Machinery and equipment belonging to or to be acquired by an eligible business which is directly related to the manufacturing or industrial process of that business.

Program—The Machinery and Equipment Loan Fund Program.

Project—The acquisition, installation or upgrade of machinery and equipment by an eligible business at a site located within this Commonwealth.