41.600 Definitions for KRS 41.600 to 41.625 -- Eligibility requirements.

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Page 1 of 1 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: (1) "Eligible small business" means any person that has all of the following characteristics: (a) Is headquartered in this state; (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 (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: (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 (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 the Farm Credit Act of 1971, 12 U.S.C. sec. 2001 et seq., as amended, which chooses to participate in the linked deposit investment program, and which agrees to lend the value of the deposits to small businesses or agribusinesses at a reduced 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 Commission with an eligible lending institution at the rate designated according to the provisions of KRS 41.610 and where the maturity shall match the terms of the loan as approved by the Kentucky Agricultural Finance Corporation or the Cabinet for Economic Development. Effective: July 13, 2004 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 ch. 208, sec. 4, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 276, sec. 1, effective July 15, 1994.