Definitions.

For purposes of this subchapter , unless the context otherwise requires: 1. “Affiliate” means a spouse, child, or sibling of an investor or a corporation, partnership, or trust in which an investor has a controlling equity interest or in which an investor exercises management control. 2. “Authority” means the economic development authority created in section 15.105 . 3. “Entrepreneurial assistance program” includes the entrepreneur investment awards program administered under section 15E.362 , the receipt of services from a service provider engaged pursuant to section 15.411, subsection 1 , or the program administered under section 15.411, subsection 2 . 4. “Investment” means a minimum cash investment of ten thousand dollars in a qualifying business. 5. “Investor” means a person making a cash investment in a qualifying business. “Investor” does not include a person that holds at least a seventy percent ownership interest as an owner, member, or shareholder in a qualifying business. 6. “Qualifying business” means a business meeting the criteria defined in section 15E.28 . 7. “Rural area” means a city that has a population of fifteen thousand or less based on the most recent decennial census released by the United States census bureau. 8. “Urban area” means a city that has a population of greater than fifteen thousand based on the most recent decennial census released by the United States census bureau. 2025 Acts, ch 136, §61 NEW section