Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 20 - Loans and Grants › Subchapter 00 - N/A › Part 4 - Rules and Regulations for the Innovation Voucher Program › Section 870-RICR-20-00-4.5 - 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
				  42-64.28, known as the Innovation
				  Initiative.
2. "Applicant" means a
				  Business that applies for a Voucher 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. "Business" means a corporation,
				  partnership, an S corporation, a non-profit corporation, a sole proprietorship,
				  a limited liability corporation or such other entity as approved by the
				  Corporation in its discretion.
5.
				  "Corporation" means the Rhode Island Commerce Corporation established pursuant
				  to R.I. Gen. Laws Chapter
				  42-64.
6. "Employee" means a natural person who is
				  employed in the State by a business for consideration for at least thirty-five
				  (35) hours a week, or who is employed in the State by a professional employer
				  organization pursuant to an employee leasing agreement between the Business and
				  the professional employer organization for at least thirty-five (35) hours a
				  week, and whose wages are subject to withholding.
7. "Innovation Project" means the project for
				  which the Applicant seeks a Voucher under the Act.
8. "Knowledge Provider" means a Rhode Island
				  institution of higher education or other entity located in Rhode Island that
				  will provide services to a Voucher recipient pursuant to a Voucher Agreement;
				  provided that Corporation may, in rare circumstances, authorize an entity
				  located outside of Rhode Island to qualify as a Knowledge Provider or
				  collaborate with a Rhode Island-based Knowledge Provider if an Applicant can
				  show that no Knowledge Provider located in Rhode Island is available and able
				  to perform all the services required for the Innovation Project.
9. "Small Business" means a Business that is
				  resident in the State, has a business facility within the state, and has five
				  hundred (500) or fewer Employees.
10. "State" means the State of Rhode
				  Island.
11. "Voucher" means a
				  certificate with a value of $5,000 to $75,000 that a successful Applicant can
				  redeem to purchase research and development support or other forms of technical
				  assistance and services from a Knowledge Provider and to fund research and
				  development by and for Small Business Manufacturers.
12. "Manufacturer" means any entity that:
a. Uses any premises within the state
				  primarily for the purpose of transforming raw materials into a finished product
				  for trade through any or all of the following operations: adapting, altering,
				  finishing, making, processing, refining, metalworking, and ornamenting, but
				  shall not include fabricating processes incidental to warehousing or
				  distribution of raw materials, such as alteration of stock for the convenience
				  of a customer; or
b. Is described
				  in codes 31-33 of the North American
				  Industry Classification system, as revised from time to time.
13. "Small Business Manufacturer"
				  means an entity that meets both the definition of Small Business and
				  Manufacturer as defined in these Rules.