Section 57-10-505 - DefinitionsThe following words and phrases when used in this article shall have the meaning given to them in this section unless the context clearly indicates otherwise:
(a) "Assistance" means a loan to a small business or an equity investment in a small business by a planning and development district in accordance with this article.(b) "DECD" means the Mississippi Development Authority.(c) "Equity investment" means an investment in the ownership of a small business incorporated in Mississippi by a planning and development district in accordance with this article.(d) "General Fund" means the General Fund of the State of Mississippi.(e) "Loan" means a loan by a planning and development district to a small business in accordance with this article.(f) "MDA" means the Mississippi Development Authority.(g) "Planning and development districts" means an organized planning and development district in Mississippi.(h) "Program" means the Mississippi Small Business Assistance Program established in this article.(i) "Qualified entities" means small business investment corporations, community development corporations and other similar entities approved by the Mississippi Business Finance Corporation to participate in the program.(j) "Seller" means the State Bond Commission.(k) "Small business" means any commercial enterprise with less than one hundred (100) full-time employees, less than Seven Million Dollars ($7,000,000.00) in net worth or less than Seven Hundred Fifty Thousand Dollars ($750,000.00) in net annual profit after taxes.Laws, 1993, ch. 566, § 3; Laws, 2001, ch. 428, § 2; Laws, 2001, ch. 537, § 2; Laws, 2010, ch. 533, § 10, eff. 4/16/2010.