For purposes of this article:
(1) "CAP" means the Capital Access Program created in this article.
(2) "BDC" means Business Development Corporation of South Carolina.
(3) "Financial institution" means a bank, trust company, savings bank, savings and loan association, or cooperative bank chartered by the State or a national banking association, federal savings and loan association, or federal savings bank, if that financial institution has offices located in South Carolina.
(4) "Participating financial institution" means a financial institution participating in the Capital Access Program.
(5) "Small business" means:
(a) a retail or service business with annual sales not exceeding two million dollars;
(b) a wholesale business with annual sales not exceeding five million dollars;
(c) a manufacturing business with no more than fifty employees; or
(d) another business with annual revenue not exceeding two million dollars.
(6) "State fund" and "state fund account" means the funds appropriated by the General Assembly of South Carolina for the CAP, provided to BDC as custodian for the State of South Carolina, and deposited by BDC into one or more interest-bearing trust accounts maintained by it as custodian for the State of South Carolina.
(7) "Loss reserve account" means one or more interest-bearing trust accounts maintained by BDC for holding and administering the loan loss reserve pursuant to this article.
HISTORY: 2005 Act No. 157, Section 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, Section 1, in (1) and (4), substituted "Capital Access Program" for "capital access program", and in (7), substituted "interest-bearing" for "interest- bearing".