(a) “Board” means the Loan Policy Board of the Virgin Islands Small Business Development Agency established in section 1253(d) of subchapter I of this chapter.
(b) “Incubator” means a facility in which small units of space may be leased by a tenant and in which management maintains or provides access to business development services for use by tenants and technical assistance.
(c) “Local sponsor” or “Sponsor” means an organization that enters into a written agreement with the Board to establish, operate and administer a small business incubator facility or to provide funding to an organization that operates such a facility, including and agency or instrumentality of the Government of the Virgin Islands, including the Economic Development Authority, or any private nonprofit or for-profit organization approved by the Board.
(d) “Program” means the Small Business Incubators Program established in section
(e) “Tenant” means a sole proprietorship, business partnership or corporation operating a business for profit or, if permitted by this subchapter not for profit, and leasing or otherwise occupying space in an incubator.
(f) “Small Business Incubator” means an economic development tool designed to accelerate the growth and success of entrepreneurial companies through an array of business support services and resources with the primary goal of producing successful firms that will graduate from the program, move into the community and leave the program as self-sustaining companies.