§ 15-5-1103 - Definitions. - Arkansas Statutes

15-5-1103. Definitions.

As used in this subchapter:

(1) "Authority" means the Arkansas Development Finance Authority;

(2) "Financial institution" means all banks, savings and loan associations, corporations organized pursuant to either the Arkansas Development Finance Corporation Act, 15-4-901 et seq., or the County and Regional Industrial Development Company Act, 15-4-1201 et seq., and any other lending institutions approved by the board;

(3) "Loss reserve account" means an account in any financial institution which is established and maintained by the authority for the benefit of a financial institution participating in the program;

(4) "Program" means the Arkansas Capital Access Program for Small Business;

(5) "Qualified business" means any person conducting business for profit or not-for-profit who is authorized to conduct business in the State of Arkansas;

(6) "Qualified loan" means a loan or portion of a loan made by a financial institution to a qualified business for any business activity that has its primary economic effect in Arkansas; and

(7) "State" means the State of Arkansas.