South Carolina Code 11-56-20. Definitions
(1) "Department" means the Department of Commerce.
Terms Used In South Carolina Code 11-56-20
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Program: means the Microenterprise Partnership Program. See South Carolina Code 11-56-20
(2) "Financial institution" means an organization authorized to do business under state or federal laws relating to financial institutions.
(3) "Microenterprise" means any business, whether new or existing, with five or fewer employees, including startup, home-based, and self-employed businesses.
(4) "Microloan" means any business loan up to twenty-five thousand dollars.
(5) "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.
(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) "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.