Montana Code 17-6-403. Definitions
17-6-403. Definitions. As used in this part, the following definitions apply:
Terms Used In Montana Code 17-6-403
- Certified microbusiness development corporation: means a microbusiness development corporation certified pursuant to 17-6-408. See Montana Code 17-6-403
- 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.
- Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-6-403
- Development loan: means money loaned to a certified microbusiness development corporation by the department for the purpose of making microbusiness loans under the provisions of this part. See Montana Code 17-6-403
- Microbusiness development corporation: means a nonprofit corporation organized and existing under the laws of the state to provide training, technical assistance, and access to capital for the startup or expansion of qualified microbusinesses. See Montana Code 17-6-403
- Program: means the microbusiness finance program established in 17-6-406. See Montana Code 17-6-403
- Revolving loan fund: means a fund required to be established by a certified microbusiness development corporation that receives a development loan. See Montana Code 17-6-403
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)”Certified microbusiness development corporation” means a microbusiness development corporation certified pursuant to 17-6-408.
(2)”Department” means the department of commerce provided for in 2-15-1801.
(3)”Development loan” means money loaned to a certified microbusiness development corporation by the department for the purpose of making microbusiness loans under the provisions of this part.
(4)”Microbusiness development corporation” means a nonprofit corporation organized and existing under the laws of the state to provide training, technical assistance, and access to capital for the startup or expansion of qualified microbusinesses.
(5)”Microbusiness loan” means a loan made from or guaranteed by a revolving loan fund contributed to by the microbusiness finance program.
(6)”Program” means the microbusiness finance program established in 17-6-406.
(7)”Qualified microbusiness” means a business enterprise located in the state that:
(a)produces goods or provides services and has fewer than 10 full-time equivalent employees and annual gross revenue of less than $1 million; or
(b)produces energy using an alternative renewable energy source as defined in 15-6-225.
(8)”Revolving loan fund” means a fund required to be established by a certified microbusiness development corporation that receives a development loan.