43.176.020 - Definitions. - Washington Statutes

Definitions.

The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.

     (1) "Business incubator" means a facility that offers:

     (a) Space for start-up and expanding firms;

     (b) The shared use of equipment and work areas;

     (c) Daily management support services essential to high-quality commercial operations; and

     (d) Technical assistance.

     (2) "Qualified small business incubator" means an incubator that is:

     (a)(i) Designated as a nonprofit organization under section 501(c)(3) of the internal revenue code, or (ii) consists of a partnership between a designated nonprofit organization under section 501(c)(3) of the internal revenue code and a government or quasi-government agency;

     (b) Focused on developing small businesses in an economically distressed or disadvantaged area; and

     (c) Structured around a sound business plan.

[2004 c 237 § 2.]