Pennsylvania Code › Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT › Part III - Business Financing › Subpart D - Minority Lending › Chapter 81 - MINORITY BUSINESS DEVELOPMENT AUTHORITY › Subchapter A - GENERAL PROVISIONS › Section 81.1 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this part,
						have the following meanings, unless the context clearly indicates
						otherwise:
Act
-The Pennsylvania Minority Business
						Development Authority Act (73 P. S. §§
												390.1-390.18) which creates and sets forth
						the powers of the Authority.
Advanced technology project
-A project
						which has been deemed as such by the Department because it conceives of and
						develops new technology, improves existing technology by incorporating
						innovations or applies technology to the manufacture of what is generally
						considered a nontechnical product.
Authority
-The public body corporate and
						politic created under the act.
Bid bond
-The type of bond required in
						public construction projects which shall be filed at the time of the bid and
						which protects the Commonwealth agency or contractor if the bidder refuses to
						enter into a contract after the award of the contract to the bidder, or the
						bidder withdraws the bid before the award.
Board
or
board of
						directors
-The governing body of the authority.
Business Development Center
-An
						organization that is under contract to the Department to provide technical
						assistance to applicants for or recipients of loans and bond guarantees.
Federal agency
-The United States of
						America, the President of the United States and a department or corporation,
						agency or instrumentality created, designated or established by the United
						States.
Industrial enterprise
-An enterprise
						other than a mercantile, commercial or retail enterprise, which by virtue of
						its size requires substantial capital and when by its nature and size has
						created or will create substantial employment opportunities.
Manufacturing enterprise
-An enterprise
						which is engaged in the giving of new shapes, new qualities or new combinations
						to matter by the application of skill and labor thereto.
Minority business enterprise
-A business
						enterprise that is an eligible project for loan, loan guarantee or other type
						of assistance and that is owned or controlled by one or more socially or
						economically disadvantaged persons who are residents of this Commonwealth. The
						disadvantage may arise from cultural, racial, chronic economic circumstances or
						background or other similar cause. The persons include, but are not limited to,
						Negroes, Puerto Ricans, Spanish-speaking Americans, American Indians, Eskimos
						and Aleuts.
Minority contractor
-A minority business
						enterprise which has entered into a contract, purchase order or other
						procurement arrangement with an agency or a contractor of the Commonwealth, and
						has received, is to receive or is receiving public funds from the Commonwealth
						under this contract, purchase order or other procurement arrangement,
						including, but not limited to, subcontractors under a Commonwealth
						contract.
Performance bond
-The type of bond given
						to ensure a Commonwealth agency or contractor that a contract once awarded will
						be completed as awarded within a fixed period of time.
Redevelopment area
-An area located in
						this Commonwealth that is one of the following:
(i) Designated as a redevelopment area by a
					 Federal agency in the manner provided by Federal statutes.
(ii) Designated as an Enterprise Zone by the
					 Department.
(iii) Found to be
					 blighted by a planning commission under the Urban Redevelopment Law
					 (35
					 P. S. §§
												1701-1719.1), and for
					 which there exists a plan regarding the improvement of the area with respect to
					 land use, traffic, public utilities, recreation and community facilities and
					 its economic base, whether improved or unimproved. The area may suffer from
					 persistent and substantial unemployment or underemployment.
Resident
-One of the following:
(i) A natural person who occupies a dwelling
					 within this Commonwealth with the intention of making this Commonwealth his
					 true, fixed and permanent home.
(ii) A corporation or other business
					 enterprise:
(A) For which the Commonwealth is
					 the center of all corporate or business affairs, that is, the Commonwealth is
					 its principal place of business.
(B) That substantially discharges its
					 functions from within this Commonwealth.
(C) That is subject to the jurisdiction of
					 taxing authorities within this Commonwealth.
(D) That is owned, managed and controlled by
					 natural persons who are residents of this Commonwealth.