Title 7, Chapter 1, Section 940
As used in this article, the term:
(1) "Board of directors" means any board of directors of a
corporation created under this article.
(2) "Corporation" means a Georgia small minority business
development corporation created under this article;
(3) "Lending institution" means any bank or trust company,
building and loan association, savings and loan association,
insurance company or related corporation, partnership, foundation,
pension fund, or other institution engaged primarily in lending or
(4) "Loan limit" means, for any member, the maximum amount
permitted to be outstanding at any one time on member loans made
by such member to the corporation, as determined under this
(5) "Member" means any lending institution authorized to do
business in this state which shall undertake to make member loans
to a corporation created under this article, upon its call, and in
accordance with this article.
(6) "Member loan" means a loan made by a member upon the call of the corporation pursuant to Code Section 7-1-947.
(7) "Minority person" means a lawful permanent resident of the
United States who is:
(C) Asian-Pacific American;
(D) Native American; or
(E) Asian-Indian American.
(8) "Small minority business" means any for profit corporation,
partnership, proprietorship, association, or other business entity
(A) Is at least 51 percent owned and controlled by minority
persons and whose management and daily operation are controlled
by one or more of the minority persons who own it;
(B) Has gross revenue of less than $6 million in a 12 month
(C) Has a net profit after taxes for each of the last two
taxable years of less than $1 million;
(D) Employs less than 500 people; and
(E) Is not a lending institution.