Terms Used In South Carolina Code > Title 11 > Chapter 56 - Microenterprise Development

• account: means an individual savings account established in accordance with the provisions of this article and pursuant to Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Conviction: A judgement of guilt against a criminal defendant.
• Department: means the Department of Commerce. See South Carolina Code 11-56-20
• Microenterprise: means any business, whether new or existing, with five or fewer employees, including startup, home-based, and self-employed businesses. See South Carolina Code 11-56-20
• Microloan: means any business loan up to twenty-five thousand dollars. See South Carolina Code 11-56-20
• Microloan delivery organization: means a community-based or nonprofit program that has developed a viable plan for providing training, access to financing, and technical assistance for microenterprises. See South Carolina Code 11-56-20
• Operating costs: means the costs associated with administering a loan or a loan guaranty, administering a revolving loan program, or providing for business training and technical assistance to a microloan recipient. See South Carolina Code 11-56-20
• Oversight: Committee review of the activities of a Federal agency or program.
• Program: means the Microenterprise Partnership Program. See South Carolina Code 11-56-20
• Program: means the Palmetto ABLE Savings Program established pursuant to this article. See South Carolina Code 11-5-410
• Program manager: means a financial organization or an agency or department of another state that has been designated to administer a qualified ABLE Program selected by the State Treasurer to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• Statewide microlending support organization: means a community-based or nonprofit organization that has a demonstrated capacity and a plan for providing and administering grants or loans to microloan delivery organizations. See South Carolina Code 11-56-20