The terms and phrases defined herein and used throughout
section 288.7102, F.S., and chapter
73C-1, F.A.C., apply only during the fiscal year in which a Certified Applicant
receives an award of funds under the Program. Terms and phrases not defined by
statute or rule shall be construed according to their plain meaning.
(1) "Applicant" means a corporation
registered in Florida that seeks certification or recertification to become a
Recipient or a New Recipient of funds appropriated by the legislature for the
purpose of providing loans, loan guarantees, or investments, in black business
enterprises under the Program.
(2)
"Application Period" means the annual period during which an Applicant may
submit an application to the Department, which is May 1 through June 1 (or the
next business day if June 1 is a Saturday, Sunday, or legal holiday) of each
year.
(3) "Certified Applicant"
means an Applicant that has received notice from the Department certifying that
the Applicant is qualified to receive an award of funds under the
Program.
(5) "Department" means
the Department of Economic Opportunity, whose address is 107 East Madison
Street, Caldwell Building, Tallahassee, Florida 32399-4128.
(6) "Direct Administrative Cost" means a
Recipient's expenses, as authorized and limited by section
288.7102(8)(c),
F.S., which are made or incurred by a Recipient, in order to operate its
business in compliance with the Program.
(7) "Direct Investment" means a Recipient's
purchase of stock, common or preferred, voting or nonvoting, in a black
business enterprise.
(8) "Existing
Recipient" is an Applicant that was a Recipient during the fiscal year
immediately preceding the submittal of its Application for Recertification,
Form DEO/CD 7102-2.
(9)
"Instance(s) of Material Noncompliance" occur(s) when a financial audit reveals
a violation of, or a failure by an Applicant to follow, the compliance
requirements of state or federal law or the Applicant's most recent fiscal year
program agreement. An Instance of Material Noncompliance can occur through an
individual violation, through the failure to follow compliance requirements, or
can be aggregated with multiple violations or failures to follow compliance
requirements. An audit which reveals or has a finding that is not specifically
labeled as an Instance of Material Noncompliance shall be considered to be an
Instance of Material Noncompliance if it otherwise meets this
definition.
(10) "Material
Weakness" occur(s) where a financial audit reveals an area of concern in a
Recipient's internal compliance controls such that the Department determines
that there has been, will be, or that a Recipient cannot prevent, an Instance
of Material Noncompliance. A Material Weakness also occurs where a financial
audit reveals information, facts, or circumstances, that give rise to a concern
regarding the entity's business practices or financial stability that impairs
the ability of the entity to implement the Program. An audit which reveals or
has a finding that is not specifically labeled as a Material Weakness shall be
considered to be a Material Weakness if it otherwise meets this
definition.
(11) "New Recipient" is
an Applicant that was not a Recipient during the fiscal year immediately
preceding the submission of its Application for Certification, Form DEO/CD
7102-1.
(12) "Program" means the
Black Business Loan Program as established in sections
288.7094 through
288.714, F.S.
(13) "Recipient" is a Certified Applicant
that has entered into an agreement with the Department to receive funds under
the Program.
(14) "Program Funds"
or "State Funds" are all funds provided by the Department to a Recipient under
the Program as well as all income and return of equity generated through the
use of those funds. All such funds shall revert back to the Department, and all
evidence of an obligation to repay Program Funds including, but not limited to,
promissory notes, mortgages, stock certificates, judgments, and liens, shall be
assigned to the Department should any of the following occur: expiration or
termination of the agreement between the Department and a Recipient,
decertification of a Recipient, denial of recertification of an Existing
Recipient, or the Program is allowed to sunset or is repealed by the Florida
Legislature.
(15) "Reasonable
Profit(s)" means the direct administrative costs authorized by section
288.7102(8)(c),
F.S., and which advanced the purpose of the Program as defined in section
288.7102(10),
F.S., as well as those moneys collected through origination, closing, and
servicing fees, charged by a Recipient and which are consistent with the
industry standards for non-governmental lending. Money acquired by a Recipient
through the charging of late fees or generated through the use of a collection
agency do not fall under this definition.
(16) "Submit" or "Submitted" means the
business date a document is received by the Department during normal business
hours: Monday through Friday, 8:00 a.m. to 5:00 p.m. If a document is received
after 5:00 p.m. or on a weekend or legal holiday, it shall be deemed submitted
on the next business day (a day that is not a Saturday, Sunday or legal
holiday).
(17) "Technical support"
or "Technical Assistance" as authorized and limited by sections
288.7102(8)(c)
and 288.714, F.S., means any support
or assistance provided by a Recipient to a black business enterprise in
furtherance of the intent and purpose of the Program. Any support or assistance
provided by a Recipient must be specifically related to the Program. Support or
assistance being undertaken on behalf of non-Program business does not qualify
under this definition.
(18)
"Unobligated Program Funds" are State Funds, as well as all Income from such
funds, held by a Recipient, which are not currently obligated by a loan, loan
guarantee, or Direct Investment under the Program.