§ 15-4-2501 - Definitions. - Arkansas Statutes

15-4-2501. Definitions.

As used in this subchapter:

(1) "Commission" means the Arkansas Economic Development Commission;

(2) "Community lender" means any organization that is involved in making loans to small businesses within this state;

(3) "Council" means the Arkansas Economic Development Council;

(4) "Director" means the Director of the Arkansas Economic Development Commission;

(5) (A) "High unemployment" means an unemployment rate equal to or greater than one hundred fifty percent (150%) of the state's average unemployment rate for the preceding calendar year as specified by statewide annual labor force statistics compiled by the Department of Workforce Services, when the state's annual average unemployment is six percent (6%) or lower.

(B) However, when the state's unemployment rate is above six percent (6%), "high unemployment" means unemployment equal to or greater than three percent (3%) above the state's average unemployment rate for the preceding calendar year as specified by statewide annual labor force statistics compiled by the Department of Workforce Services;

(6) "Small business" means business enterprises with fewer than fifty (50) full-time employees and less than one million dollars ($1,000,000) in annual gross sales or receipts; and

(7) "Small-business person" means an individual, firm, partnership, limited liability company, corporation, or any other business entity in any form that owns and operates a small business.