1. (1) As used in this program:

   1. (a) "USBCI" means the State Small Business Credit Initiative Program Fund;
   2. (b) "Financial institution" means an organization that meets USBCI requirements to participate as a lending institution;

   3. (c)(i) "Annual receipts" means grants made by the federal government and state legislative appropriations;

      1. (ii) "Annual receipts" does not include program income;
   4. (d) "Program income" means fees and interest income generated by participation in the program;
   5. (e) "USBCI Advisory Board" means a Board consisting of members of industry and Go Utah;
   6. (f) "USBCI Loan Review Committee" means an operational Committee, consisting of members of the Go Utah operations team and at least one member from industry; and
   7. (g) "Red-flag" means an occurrence when a loan, borrower, or lender exceeds a threshold or violates a term and is sent to the USBCI Loan Review Committee for review.

KEY: small business credit initiative, small business

Date of Last Change: October 27, 2022

Authorizing, and Implemented or Interpreted Law: 63N-3-802