2006 New Mexico Statutes - Section 58-29-3 — Definitions.

58-29-3. Definitions.

As used in the Small Business Investment Act [ 58-29-1 NMSA 1978]:

A.     "board" means the corporation's board;

B.     "cooperative agreement" means an agreement entered into by the corporation with a party that:

(1)     has demonstrated the capability to provide business assistance to new and expanding businesses; and

(2)     is primarily engaged or proposes to primarily engage in the business of providing business services and debt or equity capital to new and expanding businesses;

C.     "corporation" means the small business investment corporation;

D.     "debt investment" means direct or indirect loans or other debt obligations, the proceeds of which shall be used to:

(1)     support the acquisition or development of land, buildings or infrastructure;

(2)     create job opportunities; or

(3)     otherwise enhance the economic development objectives of the state;

E.     "equity investment" means direct or indirect ownership interests in New Mexico businesses, the proceeds of which investment shall be used to:

(1)     support the acquisition or development of land, buildings or infrastructure;

(2)     create job opportunities; or

(3)     otherwise enhance the economic development objectives of the state;

F.     "fund" means the small business investment corporation fund;

G.     "New Mexico business" means a business with its principal office and a majority of its full-time employees located in New Mexico, including a sole proprietorship, partnership, limited partnership, limited liability company or corporation; and

H.     "president" means the president of the corporation.