For purposes of this title, the following definitions apply:
(a) “Community development credit union” means any credit union chartered under federal or state law.
(b) “Community development financial institution” means any community development financial institution certified by the Community Development Financial Institution Fund.
(c) “Department” means the Employment Development Department.
(d) “Indian tribe” means any Indian tribe, as defined in Section 4(12) of the Native American Housing Assistance and Self-Determination Act of 1996 (25 U.S.C. Sec. 4103(12)), and includes any tribal subsidiary, subdivision, or other wholly owned tribal entity.
(e) “Individual development account” means a matched savings account held in a financial institution, created or organized for an individual as part of an individual development account program earmarked for specific asset-building purposes.
(f) “Nonprofit facilitator” means the nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code that contracts with the department for the project.
(g) “Participant” means any individual who has contracted with a service provider to participate in the California Savings and Asset Project.
(h) “Project” means the California Savings and Asset Project.
(i) “Qualified business capitalization” means qualified business expenditures for the capitalization of a qualified business pursuant to a qualified plan.
(j) “Qualified business expenditures” means expenditures included in a qualified plan, including capital, plant, equipment, working capital, and inventory expenses.
(k) “Qualified plan” means a business plan or a plan to use a business asset purchase that is approved by a financial institution, a business development training or technical assistance organization, or a nonprofit loan fund having demonstrated fiduciary integrity; contains a description of services, or goods to be sold, a marketing plan, and a projected financial statement; and requires the eligible individual to obtain the assistance of an experienced entrepreneurial adviser to review the plan for quality and completeness.
(l) “Service providers” means entities that contract with the nonprofit facilitator, and that are nonprofit organizations exempt from taxation under Section 501(c)(3) of the Internal Revenue Code, community development credit unions, community development financial institutions, or Indian tribes that are eligible to receive funds appropriated or allocated for the project.
(Added by Stats. 2002, Ch. 1024, Sec. 2. Effective January 1, 2003. Conditionally operative as prescribed in Section 95501.)