Sec. 4209.2. Definitions

(a) Corporation shall mean the New York State Urban Development Corporation, a public benefit corporation created by chapter 174 of the Laws of 1968, as amended.

(b) Economic distress shall mean the level of economic distress characterizing a service delivery region or a portion thereof as determined pursuant to the economic distress criteria.

(c) Economic distress criteria shall mean the criteria to be established by the corporation to determine economic distress. In establishing such criteria, the corporation shall consider poverty rates, the number of persons receiving public assistance, unemployment rates, rate of employment decline, and such other criteria the corporation may deem appropriate.

(d) Economic distress formula shall mean the formula to be established by the corporation weighted in favor of service delivery regions with the greatest levels of economic distress for the purpose of distributing trust fund proceeds pursuant to section 4209.3(d) of this Part.

(e) Eligible business shall mean a business that is resident in the State, independently owned and operated, and employs 100 or fewer persons on a full-time basis.

(f) Eligible project shall mean any project undertaken by an eligible business, subject to the limitations of this Part.

(g) Interest repayment account shall mean an account established by a regional corporation into which the regional corporation shall deposit any interest earned on loans made to eligible businesses.

(h) Loan fund account shall mean an account established by a regional corporation into which the regional corporation shall deposit grant monies received from the corporation, earnings on such monies, and any principal repayments by eligible businesses.

(i) Loan guarantees shall mean guarantees made by regional corporations to repay loans, subject to the provisions of this Part.

(j) Minority-owned business enterprise shall mean a business enterprise which is at least 51 percent owned by one or more minority persons and such ownership interest is real, substantial and continuing. The minority ownership must have and exercise the authority to independently control the day-to-day business decisions of the entity.

(k) Minority persons shall mean persons who are:

(1) Black;

(2) Hispanic persons of Mexican, Puerto Rican, Dominican, Cuban, Central or South American descent, of either Indian or Hispanic origin, regardless of race;

(3) Asian and Pacific Islander persons having origins in the Far East, Southeast Asia, the Indian subcontinent or the Pacific Islands; or

(4) American Indian or Alaskan Native persons having origins in any of the original peoples of North America and maintaining identifiable tribal affiliations through membership and participation or community identification.

(l) Region shall mean any and all of the regions established by the State Department of Economic Development pursuant to section 230 of the Economic Development Law.

(m) Regional corporation shall mean a not-for-profit or public benefit corporation or consortium of such entities that has formed a not-for-profit corporation that has jurisdiction within at last two entire contiguous counties.

(n) Regional Revolving Loan Program shall mean all actions taken and resources deployed by a regional corporation selected by the corporation to provide assistance to eligible businesses pursuant to this Part.

(o) Service delivery region shall mean two or more entire contiguous counties to be served by a regional corporation.

(p) State shall mean the State of New York.

(q) Total project cost shall mean the cost required to implement and complete an eligible project.

(r) Trust fund shall mean the Regional Revolving Loan Trust Fund set forth in section 16-a of the Urban Development Corporation Act.

(s) Trust fund proceeds shall mean any and all monies made available to the corporation for deposit to the trust fund, including monies appropriated by the State and any income earned by, or incremental to, the account due to the investment of same, or any repayments of monies advanced from the trust fund.

(t) Women-owned business enterprise shall mean a business enterprise that is at least 51 percent owned women, regardless of race or ethnicity, and such ownership interest is real, substantial and continuing and such women have and exercise the authority to independently control the day-to-day business decisions of the enterprise.

(u) Working capital loans shall mean short- and medium-term loans for working capital, revolving lines of credit, machinery and equipment, and seasonal inventory loans.