As used in this subchapter:
(1) "Financial institution" means all banks, savings and loan associations, corporations organized under either the Arkansas Development Finance Corporation Act, § 15-4-901 et seq., or the County and Regional Industrial Development Company Act, § 15-4-1201 et seq., and any other lending institutions approved by the Board of Directors of the Arkansas Development Finance Authority;
(2) "Loss reserve account" means an account in a financial institution that is established and maintained by the Arkansas Development Finance Authority for the benefit of a financial institution participating in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program;
(3) "Qualified business" means a person conducting business for profit or not-for-profit who is authorized to conduct business in the State of Arkansas; and
(4) "Qualified loan" means a loan or portion of a loan made by a financial institution to a qualified business for any business activity that has its primary economic effect in Arkansas.
Section: Previous 15-5-1102 15-5-1103 15-5-1104 15-5-1105 15-5-1106 15-5-1107 15-5-1108 15-5-1109 15-5-1110 15-5-1111 NextLast modified: November 15, 2016