Section 870-RICR-20-00-3.5 - DefinitionsA. The following words and terms, when used in these Rules, shall have the following meanings, unless the context clearly indicates otherwise.1. "Act" means R.I. Gen. Laws Chapter 42-64.28, known as the Innovation Initiative act.2. "Applicant" means an entity that applies for a Grant under the Act and these Rules.3. "Application" means the application, promulgated by the Corporation, which must be completed and submitted by an Applicant pursuant to the requirements of the Act and these Rules.4. "Corporation" means the Rhode Island Commerce Corporation established pursuant to R.I. Gen. Laws Chapter 42-64.5. "Employee" means a natural person who is employed in the State by a business for consideration for at least thirty-five (35) hours a week, or who is employed in the State by a professional employer organization pursuant to an employee leasing agreement between the business and the professional employer organization for at least thirty-five (35) hours a week, and whose wages are subject to withholding.6. "Grant" means a monetary award to an Applicant from the Corporation granted under the Act and these Rules.7. "Grant agreement" means a contract between the Applicant and the Corporation under which a Grant is awarded.8. "Match" means a funding match, or in kind services provided by an Applicant or other third party.9. "Project" means an initiative designed to assist Small Businesses through the provision of technical assistance, space on flexible terms, and/or access to capital, for which the Applicant seeks a Grant under the Act and these Rules.10. "Small business" means a business that is resident in the State, has a business facility within the state, and has five hundred (500) or fewer Employees.11. "State" means the State of Rhode Island and Providence Plantations.12. "Targeted industry" means any advanced, promising or otherwise prioritized industry identified in the economic development vision and policy promulgated pursuant R.I. Gen. Laws § 42-64.17-1 or, until such time as any such economic development vision and policy is promulgated, as identified by the Corporation from time to time and published on the Corporation's website.870 R.I. Code R. 870-RICR-20-00-3.5