2011 Hawaii Code
DIVISION 1. GOVERNMENT
TITLE 13. PLANNING AND ECONOMIC DEVELOPMENT
211D. Capital Access Program
§211D-1 Definitions.


HI Rev Stat § 211D-1 (2011 through Reg Sess) What's This?

[§211D-1] Definitions. As used in this chapter, unless the context otherwise requires:

"Capital access loan" means a loan that is entitled to be secured by the fund.

"Department" means the department of business, economic development, and tourism.

"Financial institution" includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution.

"Fund" means the Hawaii capital loan revolving fund established in section 210-3.

"Loan" includes a line of credit.

"Medium-sized business" means a corporation, partnership, sole proprietorship, or other legal entity that:

(1) Is domiciled in this State;

(2) Is formed to make a profit; and

(3) Employs one hundred or more but fewer than five hundred full-time employees.

"Nonprofit organization" means a private, nonprofit, tax-exempt corporation, association, or organization listed in section 501(c)(3), Internal Revenue Code of 1986, as amended, that is domiciled in this State.

"Participating financial institution" means a financial institution participating in the program.

"Program" means the capital access program.

"Reserve account" means an account established in a participating financial institution on approval of the department 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.

"Small business" means a corporation, partnership, sole proprietorship, or other legal entity that:

(1) Is domiciled in this State;

(2) Is formed to make a profit;

(3) Is independently owned and operated; and

(4) Employs fewer than one hundred full-time employees. [L 2000, c 290, pt of §2]

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