81-1298 Terms, defined.
81-1298. Terms, defined.For purposes of the Microenterprise Development Act:(1) Commercial lending institution means a bank, savings bank, building and loan association, or savings and loan association organized under the laws of this state or organized under the laws of the United States to do business in this state;(2) Department means the Department of Economic Development;(3) Microenterprise means any business, whether new or existing, with five or fewer employees and includes startup, home-based, and self-employed businesses;(4) Microloan means any business loan up to thirty-five thousand dollars;(5) Microloan delivery organization means any community-based or nonprofit program which has developed a viable plan for providing training, access to financing, and technical assistance for microenterprises and which meets the criteria and qualifications established for the act;(6) 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;(7) Program means the Microenterprise Partnership Program;(8) Selection process means the procedures adopted by the department, as specified in section 81-12,100 and in collaboration with any statewide microloan delivery organization, by which grant recipients are selected; and(9) Statewide microlending support organization means any community-based or nonprofit organization which has a demonstrated capacity and a plan for providing and administering grants or loans to microloan delivery organizations. SourceLaws 1997, LB 327, § 4; Laws 1999, LB 681, § 1; Laws 2002, LB 1089, § 12; Laws 2005, LB 59, § 1.