Pennsylvania Code
Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT
Part III - Business Financing
Subpart D - Minority Lending
Chapter 81 - MINORITY BUSINESS DEVELOPMENT AUTHORITY
Subchapter A - GENERAL PROVISIONS
Section 81.1 - Definitions

Universal Citation: 12 PA Code ยง 81.1

Current through Register Vol. 54, No. 44, November 2, 2024

The following words and terms, when used in this part, have the following meanings, unless the context clearly indicates otherwise:

Act-The Pennsylvania Minority Business Development Authority Act (73 P. S. §§ 390.1-390.18) which creates and sets forth the powers of the Authority.

Advanced technology project-A project which has been deemed as such by the Department because it conceives of and develops new technology, improves existing technology by incorporating innovations or applies technology to the manufacture of what is generally considered a nontechnical product.

Authority-The public body corporate and politic created under the act.

Bid bond-The type of bond required in public construction projects which shall be filed at the time of the bid and which protects the Commonwealth agency or contractor if the bidder refuses to enter into a contract after the award of the contract to the bidder, or the bidder withdraws the bid before the award.

Board or board of directors-The governing body of the authority.

Business Development Center-An organization that is under contract to the Department to provide technical assistance to applicants for or recipients of loans and bond guarantees.

Federal agency-The United States of America, the President of the United States and a department or corporation, agency or instrumentality created, designated or established by the United States.

Industrial enterprise-An enterprise other than a mercantile, commercial or retail enterprise, which by virtue of its size requires substantial capital and when by its nature and size has created or will create substantial employment opportunities.

Manufacturing enterprise-An enterprise which is engaged in the giving of new shapes, new qualities or new combinations to matter by the application of skill and labor thereto.

Minority business enterprise-A business enterprise that is an eligible project for loan, loan guarantee or other type of assistance and that is owned or controlled by one or more socially or economically disadvantaged persons who are residents of this Commonwealth. The disadvantage may arise from cultural, racial, chronic economic circumstances or background or other similar cause. The persons include, but are not limited to, Negroes, Puerto Ricans, Spanish-speaking Americans, American Indians, Eskimos and Aleuts.

Minority contractor-A minority business enterprise which has entered into a contract, purchase order or other procurement arrangement with an agency or a contractor of the Commonwealth, and has received, is to receive or is receiving public funds from the Commonwealth under this contract, purchase order or other procurement arrangement, including, but not limited to, subcontractors under a Commonwealth contract.

Performance bond-The type of bond given to ensure a Commonwealth agency or contractor that a contract once awarded will be completed as awarded within a fixed period of time.

Redevelopment area-An area located in this Commonwealth that is one of the following:

(i) Designated as a redevelopment area by a Federal agency in the manner provided by Federal statutes.

(ii) Designated as an Enterprise Zone by the Department.

(iii) Found to be blighted by a planning commission under the Urban Redevelopment Law (35 P. S. §§ 1701-1719.1), and for which there exists a plan regarding the improvement of the area with respect to land use, traffic, public utilities, recreation and community facilities and its economic base, whether improved or unimproved. The area may suffer from persistent and substantial unemployment or underemployment.

Resident-One of the following:

(i) A natural person who occupies a dwelling within this Commonwealth with the intention of making this Commonwealth his true, fixed and permanent home.

(ii) A corporation or other business enterprise:

(A) For which the Commonwealth is the center of all corporate or business affairs, that is, the Commonwealth is its principal place of business.

(B) That substantially discharges its functions from within this Commonwealth.

(C) That is subject to the jurisdiction of taxing authorities within this Commonwealth.

(D) That is owned, managed and controlled by natural persons who are residents of this Commonwealth.

Socially or economically disadvantaged persons-Persons, regardless of sex or marital status, who are members of groups whose disadvantage may arise from cultural, racial, chronic economic circumstances or background or other similar cause. The persons include, but are not limited to, Negroes, Puerto Ricans, Spanish-speaking Americans, American Indians, Eskimos and Aleuts.

The provisions of this §81.1 issued under section 9 of the Pennsylvania Minority Business Development Authority Act (73 P. S. § 390.9).

Disclaimer: These regulations may not be the most recent version. Pennsylvania may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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