(1) The following definitions apply to this subchapter:
(a) "Applicant" means a private, nonprofit corporation that applies for certification as a CRDC by the department through a competitive process;
(b) "Assistance grant" means funds awarded by the department to a CRDC for administering economic development activities directly related to submitted work plans consistent with strategic plans approved by the department;
(c) "Business recruitment program" means the marketing of a community to businesses in specific industries best suited for a community;
(d) "Business retention and expansion program" means the assessment of the assets and opportunities of individual companies through periodic surveys, interviews and visitations to establish relationships and early warning systems to flag at-risk businesses that require assistance, and to ensure that public programs meet local business needs;
(e) "Certification" means the criteria and process by which an organization obtains certification for a period not to exceed five years, with annual renewals up to a five year period, and becomes eligible to participate in the Certified Regional Development Corporations Program and to receive an assistance grant. Continued recertification is conditional on department approval;
(f) "Certified Regional Development Corporation (CRDC)" means a private, nonprofit corporation that has been certified by the department through a competitive process to manage and administer funds and programs for the department on a regional basis;
(g) "Community" means a county, an incorporated city or town, a Census Designated Place (CDP), or an Indian reservation;
(h) "Department" means the Department of Commerce provided for in 2-15-1801, MCA;
(i) "Local and regional planning" means a long-range planning process that encourages citizens to develop a mission statement, goals, strategies, and actions used to prioritize the efforts of citizens and communities and guide the development of the economy of a region or a portion of a region;
(j) "Program" means the Certified Regional Development Corporations Program provided for in 90-1-116, MCA;
(k) "Region" means one of not more than 12 service regions. At a minimum, a service region must include two contiguous counties in their entirety;
(l) "Revolving loan fund" means a self-sustaining loan program that provides debt financing to eligible businesses to sustain or develop a region's economy; and
(m) "Technical assistance" means business-related assistance in a one-to-one setting that includes business plan composition, formation, financing, management, and operation of a small business.
History: 90-1-116, MCA; IMP, 90-1-116, MCA; NEW, 2003 MAR p. 2425, Eff. 10/31/03; AMD, 2010 MAR p. 1885, Eff. 8/27/10; AMD, 2019 MAR p.1168, Eff. 8/10/19.