Section 201.2 - [Effective until 2/3/2025] Definitions The following words and terms, when used in this Subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
(1) Applicant--A CDFI that submits an application to the Program.(2) CDFI--A Community Development Financial Institution, as that term is defined in 12 U.S.C. § 4702, that has received its CDFI Certification from the United States Department of the Treasury.(3) Declared Disaster--A declaration of a state of disaster under Texas Government Code §§ 418.014 or 418.108, or a disaster declared by the president of the United States, if any part of the State is named in the federally designated disaster area.(4) Default rate--The percentage of Disaster Recovery Loans made by a Participant that did not meet the payment terms during a period specified by the Office.(5) Disaster Recovery Loan--An interest-bearing loan made by a Participant to a Micro-Business that is supported by a Zero-Interest Loan from the Office to the Participant under the Program.(6) Fiscal Year--The period beginning September 1 and ending August 31.(7) Fund--The micro-business recovery fund established under Texas Government Code § 481.452.(8) Loan Agreement--An agreement under the Program made between a Participant and the Office for a Zero-Interest Loan.(9) Micro-Business--A corporation, partnership, sole proprietorship, or other legal entity that: (A) is domiciled in this state and has at least 95 percent of its employees located in this state;(B) is formed to make a profit; and(C) employs not more than 20 employees.(10) Office--The Texas Economic Development and Tourism Office in the Office of the Governor, which is authorized to exercise any power necessary to carry out Texas Government Code, Chapter 481, and has established the Texas Economic Development Bank under Texas Government Code, Chapter 489 for the purpose of: (A) providing globally competitive, cost-effective state incentives to expanding businesses operating in this state and businesses relocating to this state; and(B) ensuring that communities and businesses in this state have access to capital for economic development purposes.(11) Participant--A CDFI that is authorized to conduct business in the State, has submitted an application to the Program, been approved by the Office to participate in the Program, and entered into a Participation Agreement with the Office.(12) Participation Agreement--An agreement under the Program made between a Participant and the Office that must be entered before a Participant may apply to obtain a Zero-Interest Loan.(13) Program--The Texas Micro-Business Disaster Recovery Loan program.(14) State--The State of Texas.(15) Zero-Interest Loan--A zero-interest loan made by the Office to a Participant to support one or more Disaster Recovery Loans.10 Tex. Admin. Code § 201.2
Adopted by Texas Register, Volume 49, Number 42, October 18, 2024, TexReg 8441, eff. 10/7/2024, exp. 2/3/2025 (Emergency)