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Current as of January 01, 2024 | Updated by Findlaw Staff
For the purposes of this subchapter, the term:
(1) “Capital access loan” means a loan that is entitled to be secured by the Fund.
(2) “Enrolled loan” means a capital access loan issued in accordance with:
(A) The participation agreement; and
(B) The program's objectives.
(3) “Financial institution” includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution.
(4) “Fund” means the Capital Access Fund established by § 2-1210.02.
(5) “Loan” includes a line of credit.
(6) “Medium-sized business” means a corporation, partnership, sole proprietorship, or other legal entity that:
(A) Is domiciled in the District of Columbia or has at least 51% of its employees located in the District of Columbia;
(B) Is formed to make a profit; and
(C) Employs at least 100, but fewer than 500, full-time employees.
(7) “Nonprofit organization” means a corporation, association, or organization which is tax-exempt under section 501(c)(3) of the Internal Revenue Code of 1986, approved August 16, 1954 (68A Stat. 163; 26 U.S.C. § 501(c)(3)), that:
(A) Is domiciled in the District of Columbia; or
(B) Has at least 51% of its members located in the District of Columbia.
(8) “Participating financial institution” means a financial institution participating in the program.
(9) “Program” means the Capital Access Program.
(10) “Reserve account” means an account established in a participating financial institution on approval of the bank in which money is deposited to serve as a source of additional revenue to reimburse the financial institution for losses on loans enrolled in the program.
(11) “Small business” means a corporation, partnership, sole proprietorship, or other legal entity that:
(A) Is domiciled in the District of Columbia or has at least 51% of its employees located in the District of Columbia;
(B) Is formed to make a profit;
(C) Is independently owned and operated; and
(D) Employs fewer than 100 full-time employees.
Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-1210. Definitions. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-1210-01/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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