Definitions for the capital access loan program

As used in this chapter, unless the context otherwise requires: "Capital access loan" means a loan that is entitled to be secured by the fund. "Department" means the department of business, economic development, and tourism. "Financial institution" includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution. "Fund" means the Hawaii capital loan revolving fund established in section 210-3. "Loan" includes a line of credit. "Medium-sized business" means a corporation, partnership, sole proprietorship, or other legal entity that: (1) Is domiciled in this State; (2) Is formed to make a profit; and (3) Employs one hundred or more but fewer than five hundred full-time employees. "Nonprofit organization" means a private, nonprofit, tax-exempt corporation, association, or organization listed in section 501(c)(3), Internal Revenue Code of 1986, as amended, that is domiciled in this State. "Participating financial institution" means a financial institution participating in the program. "Program" means the capital access program. "Reserve account" means an account established in a participating financial institution on approval of the department 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. "Small business" means a corporation, partnership, sole proprietorship, or other legal entity that: (1) Is domiciled in this State; (2) Is formed to make a profit; (3) Is independently owned and operated; and (4) Employs fewer than one hundred full-time employees.