Definitions

For the purposes of this subchapter, the term: (1) “Capital access loan” means a loan that is entitled to be secured by the Fund. (2) “Enrolled loan” means a capital access loan issued in accordance with: (A) The participation agreement; and (B) The program’s objectives. (3) “Financial institution” includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution. (4) “Fund” means the Capital Access Fund established by § 2-1210.02. (5) “Loan” includes a line of credit. (6) “Medium-sized business” means a corporation, partnership, sole proprietorship, or other legal entity that: (A) Is domiciled in the District of Columbia or has at least 51% of its employees located in the District of Columbia; (B) Is formed to make a profit; and (C) Employs at least 100, but fewer than 500, full-time employees. (7) “Nonprofit organization” means a corporation, association, or organization which is tax-exempt under section 501(c)(3) of the Internal Revenue Code of 1986, approved August 16, 1954 (68A Stat. 163; 26 U.S.C. § 501(c)(3)), that: (A) Is domiciled in the District of Columbia; or (B) Has at least 51% of its members located in the District of Columbia. (8) “Participating financial institution” means a financial institution participating in the program. (9) “Program” means the Capital Access Program. (10) “Reserve account” means an account established in a participating financial institution on approval of the bank 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. (11) “Small business” means a corporation, partnership, sole proprietorship, or other legal entity that: (A) Is domiciled in the District of Columbia or has at least 51% of its employees located in the District of Columbia; (B) Is formed to make a profit; (C) Is independently owned and operated; and (D) Employs fewer than 100 full-time employees.