41.600 Definitions for KRS 41.600 to 41.625 -- Eligibility requirements.
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41.600 Definitions for KRS 41.600 to 41.625 -- Eligibility requirements.
As used in KRS 41.600 to 41.625, unless the context requires otherwise: <br>(1) "Eligible small business" means any person that has all of the following
characteristics: <br>(a) Is headquartered in this state; <br>(b) Maintains offices and operating facilities in this state and transacts business in
this state;
(c) Employs fewer than the equivalent of fifty (50) full-time employees, the
majority of whom are residents of Kentucky;
(d) Has gross earnings that do not exceed one million dollars ($1,000,000)
annually;
(e) Is organized for profit; and <br>(f) Holds no position as officer or director of an eligible lending institution.
(2) "Eligible agribusiness" means any person that has all of the following
characteristics: <br>(a) Is actively engaged in agricultural endeavors within the Commonwealth of
Kentucky;
(b) Shows gross earnings not in excess of one million dollars ($1,000,000)
annually;
(c) Derives at least one-half (1/2) of annual gross income from farming; and <br>(d) Holds no position as officer or director of an eligible lending institution.
(3) "Eligible lending institution" means a financial institution that is eligible to make
commercial loans including an institution of the farm credit system organized under <br>the Farm Credit Act of 1971, 12 U.S.C. sec. 2001 et seq., as amended, which <br>chooses to participate in the linked deposit investment program, and which agrees <br>to lend the value of the deposits to small businesses or agribusinesses at a reduced <br>interest rate according to the provisions of KRS 41.610.
(4) "Linked deposit investment" means a certificate of deposit, collateralized or
uncollateralized, or a repurchase agreement placed by the State Investment <br>Commission with an eligible lending institution at the rate designated according to <br>the provisions of KRS 41.610 and where the maturity shall match the terms of the <br>loan as approved by the Kentucky Agricultural Finance Corporation or the Cabinet <br>for Economic Development.
Effective: July 13, 2004 <br>History: Amended 2004 Ky. Acts ch. 41, sec. 1, effective July 13, 2004. -- Amended
1998 Ky. Acts ch. 172, sec. 1, effective July 15, 1998. -- Amended 1996 Ky. Acts <br>ch. 208, sec. 4, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 1, <br>effective July 15, 1994.
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