Minnesota Statutes 116S.11 – Relationship to Other Certified Development Companies
The corporation must refer all Small Business Administration 504 projects to a local certified development company if a local certified development company serves the area where the project is located. If the local certified development company is unable to assist a business it must inform the business that it can apply for the project through the corporation.
Terms Used In Minnesota Statutes 116S.11
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Small business: means a business entity organized for profit, including but not limited to any individual, partnership, corporation, joint venture, association or cooperative, which entity:
(1) is not an affiliate or subsidiary of a business dominant in its field of operation; and
(2) has 20 or fewer full-time employees; or
(3) in the preceding fiscal year has not had more than the equivalent of $1,000,000 in annual gross revenues; or
(4) if the business is a technical or professional service, shall not have had more than the equivalent of $2,500,000 in annual gross revenues in the preceding fiscal year. See Minnesota Statutes 645.445