Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 20 - Loans and Grants › Subchapter 00 - N/A › Part 2 - Rules and Regulations for the First Wave Closing Fund (870-RICR-20-00-2) › Section 870-RICR-20-00-2.5 - Definitions

Current through June 14, 2024
A. The following words and terms, when used
							in these Rules, shall have the following meanings, unless the context clearly
							indicates otherwise.
1. "Act" means R.I. Gen.
							Laws Chapter 42-64.23 known as the First Wave Closing Fund Act.
2. "Applicant" means a Business applying for
							First Wave Financing under the Act and these Rules.
3. "Application" means the application,
							promulgated by the Corporation, which must be completed and submitted by an
							Applicant pursuant to the requirements of the Act and these Rules.
4. "Board" means the board of directors of
							the Corporation.
5. "Business"
							means a corporation as defined in R.I. Gen. Laws §
											44-11-1(4),
							a partnership, an S corporation, a non-profit corporation, a sole
							proprietorship or a limited liability company.
6. "Corporation" means the Rhode Island
							Commerce Corporation established pursuant to R.I. Gen. Laws Chapter
							42-64.
7. "Financing agreement"
							means an agreement between the Corporation and an Applicant for an approved
							Project setting forth the terms and conditions of the provision of First Wave
							Financing.
8. "First wave
							financing" means funding for a Project from the First Wave Closing Fund
							established pursuant to R.I. Gen. Laws §
											42-64.23-4.
9. "Full-time job" means an employment
							position filled by a full-time employee in this State, which is a person who is
							employed by a Business for consideration for a minimum of at least thirty-five
							(35) hours per week, or who renders any other standard of service generally
							accepted by custom or practice as full-time employment, or who is employed by a
							professional employer organization pursuant to an employee leasing agreement
							between the business and the professional employer organization for a minimum
							of thirty-five (35) hours per week, or who renders any other standard of
							service generally accepted by custom or practice as full-time employment, and
							whose wages are subject to State withholding.
10. "Project" means the transaction for which
							the Applicant seeks First Wave Financing.
11. "Project cost" means costs incurred in
							connection with the Project by the Applicant until such time as specified by
							the Corporation.
12. "Project
							financing gap" means:
a. the part of the total
							Project Cost that remains to be financed after accounting for
(1) all other sources of capital,
(2) a reasonable assumption of debt on the
							Project, and
(3) any other capital
							source that is reasonably available given the nature of the Project;
							or
b. the amount of
							funds that the State may invest in a Project to gain a competitive advantage
							over a viable comparable location in another state by means described in the
							Act and Rules.
13.
							"State" means the State of Rhode Island and Providence Plantations.