Iowa Administrative Code
Agency 261 - Economic Development Authority
Part IV - Business Development Division
Chapter 55 - Targeted Small Business Financial Assistance Program
Rule 261-55.2 - Definitions

Universal Citation: IA Admin Code 261-55.2
Current through Register Vol. 47, No. 6, September 18, 2024

As used in this chapter, the following definitions shall apply:

"Authority" means the economic development authority created in Iowa Code section 15.105.

"Disability" means the same as defined in Iowa Code section 15.102(10) "b."

"Microloan service provider" means a service provider that has contracted with the authority to provide financial and technical assistance to targeted small businesses.

"Program" means the targeted small business financial assistance program established pursuant to this chapter.

"Review committee" means a committee established by the authority or microloan service provider to review program applications pursuant to subrule 55.3(8).

"Targeted small business" or "TSB" means a small business which is 51 percent or more owned, operated, and actively managed by one or more women, minority persons, service-disabled veterans, or persons with a disability provided the business meets all of the following requirements:

1. Is located in this state;

2. Is operated for profit;

3. Has an annual gross income of less than $4 million computed as an average of the three preceding fiscal years.

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