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