§4742 Definitions

Summary

Defines key words used for the Small Business Capital Enhancement Program. Fund — the Community Development Financial Institutions Fund created by federal law. Appropriate Federal banking agency — the federal banking regulator named in law, and it also includes the National Credit Union Administration for credit unions whose deposits are insured under the Federal Credit Union Act. Early loan — a loan counted as "early" when the total amount of loans a bank has already enrolled is less than $5,000,000. Enrolled loan — a loan from a participating financial institution that a participating State signs up under the Program. Financial institution — a federally or State-chartered commercial bank, savings association, savings bank, or credit union. Participating financial institution — a financial institution that signed a participation agreement with a participating State. Participating State — a State approved to join the Program. Passive real estate ownership — owning property mainly for resale, trade, or rent, but not property used in the owner’s business or property under construction until it is finished. Program — the Small Business Capital Enhancement Program. Reserve fund — money a participating State sets aside for a specific bank to hold premiums, State contributions, and to pay losses on enrolled loans. State — a U.S. State, the District of Columbia, certain large local governments, or other local governments the Fund allows to join.