Definitions

(a) "Commissioner" means the commissioner of economic development. (b) "Department" means the department of economic development. (c) "Distressed municipality" has the meaning given to that term in section 32-9p of the General Statutes. (d) "Business organization" means any sole proprietorship, partnership, corporation or other form of association for profit recognized in Connecticut. (e) "Industrial project" has the meaning given to that term in section 32-23d of the General Statutes. (f) "New employment" means any increase, in the level of employment within a distressed municipality, directly attributable to the acquisition, construction, substantial renovation or expansion of an industrial project in respect of which a business organization has applied for a loan under section 32-9q of the General Statutes, measured without consideration of any increases or decreases in the level of employment within the distressed municipality due to other factors. The business organization shall be considered to have created new employment in such municipality if the number of persons employed at the industrial project with respect to which such loan is made, has increased or is expected to increase by more than five as a direct result of such acquisition, construction, substantial renovation or expansion. (g) "Local development corporation" has the meaning given to that term in section 32-9q of the General Statutes. (h) "Borrower" means any business organization, state development corporation or local development corporation for which a loan has been approved under these regulations. (i) "Loan" means a working capital loan under section 32-9q-2 and a loan to a local development corporation under section 32-9q-3 unless the context otherwise requires.