(1) "Council" means the Arkansas Economic Development Council;
(2) "Division" means the Division of Minority Business Enterprise of the Arkansas Economic Development Commission;
(3) "Small business concern" means small business firms in this state owned and operated by:
(A) Socially and economically disadvantaged individuals who are qualified to receive federally secured loans through small business investment companies licensed by the United States Small Business Administration; and
(B) Small business firms owned and operated by persons of limited financial means; and
(4) "Small business investment company" means a small business investment company organized and chartered under the business corporation or nonprofit corporation statutes of this state or formed as a limited partnership for the purpose of making investment loans for capital improvements and expansion to persons whose participation in the free enterprise system is hampered because of social or economic disadvantages, as authorized in 15 U.S.C. § 681(d) [repealed], or because of limited financial means.
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