As used in this sub-chapter, the following definitions apply:

(1) "Program" means the microbusiness finance program established in 17-6-406, MCA.

(2) "Department" means the department of commerce provided for in 2-15-1801, MCA.

(3) "Microbusiness" means a Montana business with fewer than 10 full-time equivalent employees and annual gross revenues of less than $500,000.

(4) "Microbusiness development corporation" means a nonprofit corporation certified by the department to provide technical assistance and loans to microbusinesses, as provided in 17-6-408, MCA.

(5) "MBDC" means the microbusiness development corporation.

(6) "Region" means one of not more than 12 multicounty service regions.

(7) "Direct loan program" means a program which makes direct loans to microbusinesses.

(8) "Loan guarantee program" means a program with development loan funds on deposit with a lending institution as guarantee against loss for loans which that institution makes directly to microbusinesses which have been screened, trained and/or counseled and qualified by the MBDC.

(9) "Certification" means the criteria and process, described herein, by which an organization becomes eligible to

participate in the microbusiness finance program as a "certified" MBDC and to apply for a development loan.

(10) "Development loan" means money loaned to a certified MBDC by the department for the purpose of making microbusiness loans under the provisions of 17-6-401, MCA, et seq.

(11) "Funded" means a certified MBDC that has a development loan balance outstanding and that provides technical assistance and loans to microbusinesses.

(12) "Unfunded" means a certified MBDC that does not have a development loan balance outstanding.

(13) "Transitional" means a MBDC that is certified and that has a development loan outstanding but which is not currently offering new loans to microbusinesses with development loan funds.  A "transitional MBDC" has selected the installment payment termination option to repay its outstanding development loan balance.

(14) "Renewal" means a MBDC that is currently certified, meets the requirements for certification for an additional term and if approved, is awarded an extension of its development loan for an additional term.

(15) "Default" shall be defined in the development loan agreement between the department and MBDC.

(16) "Management training" means business-related training in a group setting.

(17) "Technical assistance" means business-related consultation in a one-to-one setting.

(18) "Loan committee" means the individuals assigned by the board of directors of the MBDC to review and award or deny applications to that MBDC for microbusiness loans.

(19) "Statewide MBDC" means a MBDC that meets all requirements for statewide certification stated herein, and, in addition, has a viable plan to provide specialized services to constituents throughout the state, and does not preempt or duplicate efforts of MBDCs within local communities.