Definitions

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Definitions.

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As used in this part, the term:

(1)

“Applicant” means an entrepreneur or small business that applies to a loan administrator for a microloan.

(2)

“Entrepreneur” means an individual residing in this state who desires to assume the risk of organizing, managing, and operating a small business in this state.

(3)

“Network” means the Florida Small Business Development Center Network.

(4)

“Small business” means a business, regardless of corporate structure, domiciled in this state which employs 25 or fewer people and generated average annual gross revenues of $1.5 million or less per year for the preceding 2 years. For the purposes of this part, the identity of a small business is not affected by name changes or changes in personnel.

History.

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s. 50, ch. 2014-218; s. 113, ch. 2023-173.