Definitions

As used in this part, the term:(1) “Applicant” means an entrepreneur or small business that applies to a loan administrator for a microloan.(2) “Entrepreneur” means an individual residing in this state who desires to assume the risk of organizing, managing, and operating a small business in this state.(3) “Network” means the Florida Small Business Development Center Network.(4) “Small business” means a business, regardless of corporate structure, domiciled in this state which employs 25 or fewer people and generated average annual gross revenues of $1.5 million or less per year for the preceding 2 years. For the purposes of this part, the identity of a small business is not affected by name changes or changes in personnel.History.—s. 50, ch. 2014-218; s. 113, ch. 2023-173.