15 U.S.C. § 6901

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 6901 - Definitions

For purposes of this chapter, the following definitions shall apply:

(1) Administration

The term "Administration" means the Small Business Administration.

(2) Administrator

The term "Administrator" means the Administrator of the Small Business Administration.

(3) Capacity building services

The term "capacity building services" means services provided to an organization that is, or that is in the process of becoming, a microenterprise development organization or program, for the purpose of enhancing its ability to provide training and services to disadvantaged entrepreneurs.

(4) Collaborative

The term "collaborative" means 2 or more nonprofit entities that agree to act jointly as a qualified organization under this chapter.

(5) Disadvantaged entrepreneur

The term "disadvantaged entrepreneur" means a microentrepreneur that is-

(A) a low-income person;

(B) a very low-income person; or

(C) an entrepreneur that lacks adequate access to capital or other resources essential for business success, or is economically disadvantaged, as determined by the Administrator.

(6) Indian tribe

The term "Indian tribe" has the meaning given the term in section 4702 of title 12.

(7) Intermediary

The term "intermediary" means a private, nonprofit entity that seeks to serve microenterprise development organizations and programs as authorized under section 6904 of this title.

(8) Low-income person

The term "low-income person" has the meaning given the term in section 4702 of title 12.

(9) Microentrepreneur

The term "microentrepreneur" means the owner or developer of a microenterprise.

(10) Microenterprise

The term "microenterprise" means a sole proprietorship, partnership, or corporation that-

(A) has fewer than 5 employees; and

(B) generally lacks access to conventional loans, equity, or other banking services.

(11) Microenterprise development organization or program

The term "microenterprise development organization or program" means a nonprofit entity, or a program administered by such an entity, including community development corporations or other nonprofit development organizations and social service organizations, that provides services to disadvantaged entrepreneurs.

(12) Training and technical assistance

The term "training and technical assistance" means services and support provided to disadvantaged entrepreneurs, such as assistance for the purpose of enhancing business planning, marketing, management, financial management skills, and assistance for the purpose of accessing financial services.

(13) Very low-income person

The term "very low-income person" means having an income, adjusted for family size, of not more than 150 percent of the poverty line (as defined in section 9902(2) of title 42, including any revision required by that section).

15 U.S.C. § 6901

Pub. L. 103-325, title I, §172, as added Pub. L. 106-102, title VII, §725, Nov. 12, 1999, 113 Stat. 1472.

STATUTORY NOTES AND RELATED SUBSIDIARIES

SHORT TITLE Pub. L. 103-325, title I, §171, as added by Pub. L. 106-102, title VII, §725, Nov. 12, 1999, 113 Stat. 1471, provided that: "This subtitle [subtitle C (§§171-181) of title I of Pub. L. 103-325 as added by Pub. L. 106-102 enacting this chapter] may be cited as the 'Program for Investment in Microentrepreneurs Act of 1999', also referred to as the 'PRIME Act'."

Administration

the terms "Administration" and "Administrator" mean the Small Business Administration and the Administrator thereof, respectively; and

Administrator

the terms "Administration" and "Administrator" mean the Small Business Administration and the Administrator thereof, respectively; and