§ 3. Definitions. 1. "Small business" shall mean a business located in
an area having one or more of the characteristics described in section
two which is unable to obtain adequate financing to maintain a
stabilized work force or increase job opportunities by virtue of (a) its
location, (b) its net assets or (c) its dollar volume of business.

2. "Fund" shall mean the urban development guarantee fund of New York
created by section four of this act.

3. "Small business project" shall mean construction of any new
building, purchase of an existing building, or refinancing of an
existing building in order to facilitate substantial improvement
thereto, the financing of real property deemed essential for the conduct
of business, the extension or provision of utilities and any other
appurtenant facilities to be used by any small business, or any
necessary machinery, equipment or stock, working capital or other
capital investment therein, or any combination of the foregoing, which
the fund shall determine will tend to provide gainful employment for the
people of the state and/or increase the tax base of the economy, or
diversify and expand small business, or any combination of the
foregoing.

4. "Housing project" shall mean the construction of any new building,
purchase of an existing building or refinancing of an existing building
and real property deemed essential to such project, in order to
facilitate substantial improvement thereto, designed and intended to
provide housing accommodations for persons and families which cannot
afford safe and sanitary housing accommodations provided by the unaided
efforts of private enterprise, and such facilities as may be incidental
and appurtenant thereto.

5. "Loan guarantee fund" shall mean the fund created in section six of
this act.

6. "Operation and maintenance fund" shall mean the fund created in
section seven of this act.

7. "Lending institution" shall mean the original lender under the loan
agreement of participants therein and its successors and assigns, and
may include but is not limited to, an individual lender, corporation,
insurance company, bank, investment company, executor, trustee or other
fiduciary, pension, profit sharing, and retirement fund.

8. "Payments" shall mean periodic payments called for under the terms
of a loan, and may include, but is not limited to, interest,
installments of principal, taxes and assessments, loan insurance
premiums and hazard insurance premiums.

9. "New York state urban development corporation" shall mean the
corporation created by the New York state urban development corporation
act.