As used in this subchapter:
(1) “Financial institution” means all banks, savings and loan associations, corporations organized under the County and Regional Industrial Development Company Act, § 15-4-1201 et seq., and any other lending institutions approved by the Board of Directors of the Arkansas Development Finance Authority;
(2) “Loss reserve account” means an account in a financial institution that is established and maintained by the Arkansas Development Finance Authority for the benefit of a financial institution participating in the Arkansas Capital Access Program for Small Business or the Arkansas Credit Reserve Program;
(3) “Qualified business” means a person conducting business for profit or not-for-profit who is authorized to conduct business in the State of Arkansas; and
(4) “Qualified loan” means a loan or portion of a loan made by a financial institution to a qualified business for any business activity that has its primary economic effect in Arkansas.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 5 - Arkansas Development Finance Authority
Subchapter 11 - Arkansas Capital Access Program for Small Business Act of 1993
§ 15-5-1102. Legislative findings and declaration of public necessity
§ 15-5-1104. Contracts with financial institutions — Contents of contract
§ 15-5-1105. Capital Access Fund — Use — Investment earnings — Administrative expenses
§ 15-5-1106. Loss reserve accounts — Limitation on amount
§ 15-5-1107. Enrollment of qualified loan — Procedure — Fee — Transfers to loss reserve account
§ 15-5-1108. Claims for reimbursement of losses — Amounts subject to reimbursement