S.D. Admin. R. 68:02:02:15

Current through Register Vol. 51, page 56, November 4, 2024

Section 68:02:02:15 - Definitions

Terms used in this chapter mean:

(1) "Applicant," any natural person or entity that has completed a VASF loan application;

(2) "Board," the Board of Economic Development;

(3) "Borrower," an applicant who has been awarded a VASF loan;

(4) "Equity," capital that has no guaranteed or mandatory return which must be invested in the project in any event and which has no definite timetable for repayment to the equity holder;

(5) "GOED," the Governor's Office of Economic Development;

(6) "Project," the new business or expansion or redirection of an existing business that is eligible for a VASF loan;

(7) "REDI fund," the revolving economic development and initiative fund;

(8) "Study," the feasibility study, including any associated business plan; or marketing study, including any associated business plan; to be conducted in connection with the project and funded from the VASF. The term, "study," does not include research and development study or studies, advertising, travel, costs of consultants, or any other work associated with an equity drive;

(9) "VASF," the value-added agriculture subfund of the REDI fund created by SDCL 1-16G-25 to 1-16G-27, inclusive.

S.D. Admin. R. 68:02:02:15

34 SDR 68, effective 9/13/2007.

General Authority: SDCL 1-16G-5, 1-16G-8.

Law Implemented: SDCL 1-16G-25 to 1-16G-27, inclusive.