1."Small business" shall mean a business located in an area having one or more of the characteristics described in section two which is unable to obtain adequate financing to maintain a stabilized work force or increase job opportunities by virtue of (a) its location, (b) its net assets or (c) its dollar volume of business.2."Fund" shall mean the urban development guarantee fund of New York created by section four of this act.3."Small business project" shall mean construction of any new building, purchase of an existing building, or refinancing of an existing building in order to facilitate substantial improvement thereto, the financing of real property deemed essential for the conduct of business, the extension or provision of utilities and any other appurtenant facilities to be used by any small business, or any necessary machinery, equipment or stock, working capital or other capital investment therein, or any combination of the foregoing, which the fund shall determine will tend to provide gainful employment for the people of the state and/or increase the tax base of the economy, or diversify and expand small business, or any combination of the foregoing.4."Housing project" shall mean the construction of any new building, purchase of an existing building or refinancing of an existing building and real property deemed essential to such project, in order to facilitate substantial improvement thereto, designed and intended to provide housing accommodations for persons and families which cannot afford safe and sanitary housing accommodations provided by the unaided efforts of private enterprise, and such facilities as may be incidental and appurtenant thereto.5."Loan guarantee fund" shall mean the fund created in section six of this act.6."Operation and maintenance fund" shall mean the fund created in section seven of this act.7."Lending institution" shall mean the original lender under the loan agreement of participants therein and its successors and assigns, and may include but is not limited to, an individual lender, corporation, insurance company, bank, investment company, executor, trustee or other fiduciary, pension, profit sharing, and retirement fund.8."Payments" shall mean periodic payments called for under the terms of a loan, and may include, but is not limited to, interest, installments of principal, taxes and assessments, loan insurance premiums and hazard insurance premiums.9."New York state urban development corporation" shall mean the corporation created by the New York state urban development corporation act.N.Y. Urban Development Guarantee Fund of New York § 3