Missouri Laws 620.1048 – Definitions
As used in sections 620.1045 to 620.1063, the following terms mean:
(1) “Borrower”, any small business that receives a loan with respect to which an amount is added to a program loss reserve account as provided in sections 620.1045 to 620.1063;
Terms Used In Missouri Laws 620.1048
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(2) “Department”, the Missouri department of economic development;
(3) “Financial institution” or “institution”, any bank, trust company, savings bank, credit union or savings and loan association with an office in Missouri which participates in the program;
(4) “Loan”, a loan, sale and lease back, financial lease, conditional sale or any other extension of credit;
(5) “Program”, the Missouri capital access program established in sections 620.1045 to 620.1063;
(6) “Small business”, an independently owned and operated business as defined in 15 U.S.C. § 632(a) and as described by 13 C.F.R. § part 121, which is headquartered in and which employs at least eighty percent of its employees in Missouri, except that no such business shall have more than one hundred employees nor shall such business’s annual revenues have* exceeded five million dollars in its most recently completed fiscal year. Such business must be involved in manufacturing, processing or assembling products, conducting research and development or providing services, but shall not include retail, real estate, insurance or professional services.