Definitions

As used in the Small Business Investment Act: 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. History: Laws 2000, ch. 97, § 5; 2003, ch. 399, § 6; 2004, ch. 57, § 2.