Section 382 - DefinitionsAs used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [1995, c. 699, §3(NEW).]
1.Board. "Board" means the Small Enterprise Growth Board. [1995, c. 699, §3(NEW).]
2.Fund. "Fund" means the Small Enterprise Growth Fund. [1995, c. 699, §3(NEW).]
3.Program. "Program" means the Small Enterprise Growth Program, which encompasses the Small Enterprise Growth Fund and any side fund created by the board. [2009, c. 475, §1(AMD).]
3-A.Program funds. "Program funds" means the Small Enterprise Growth Fund and any side funds created by the board. [2009, c. 475, §2(NEW).]
4.Qualifying small business. "Qualifying small business" means, for the purpose of an initial disbursement by the board under section 388, a business employing 50 or fewer employees or having gross sales not exceeding $5,000,000 within the most recent 12 months for which financial statements are available. For the purpose of a subsequent disbursement, "qualifying small business" means a business to which the board has previously made a disbursement and that, in the judgment of the board, evidences continued potential for high growth. [2001, c. 541, §1(AMD).]
4-A.Qualifying venture fund. "Qualifying venture fund" means a venture capital fund that is managed by an entity other than the board and that the board finds demonstrates the potential to contribute venture capital funding in a manner that promotes economic growth in the State. [2021, c. 502, §1(NEW).]
5.Side fund. "Side fund" means a fund other than the Small Enterprise Growth Fund administered by the board that is invested as determined by the board. [2009, c. 475, §3(NEW).]
Amended by 2022, c. 502,§ 1, eff. 8/8/2022.1995, c. 699, § 3 (NEW) . 1999, c. 504, § 2 (AMD) . 2001, c. 541, § 1 (AMD) . 2009, c. 475, §§1-3 (AMD) .