P.R. Laws tit. 23, § 263a
The following phrases and terms shall have the meaning indicated below, except when another meaning is clearly derived from their context:
(a) Fund.— Puerto Rico Fund for Securing Loans to Eligible Businesses.
(b) Company.— The Commercial Development Company of Puerto Rico.
(c) Regulations.— The regulations authorized by this chapter.
(d) Secured creditor.— The commercial banks, associations, credit unions, or any financial institution to whom payment of the principal and interest of a loan granted to an eligible business has been secured.
(e) Eligible business.— Any individual enterprise, association or domestic corporation, constituted or incorporated by persons who have resided in Puerto Rico, which has been acquired or capitalized by a sum no greater than five hundred thousand dollars ($500,000). Provided, That the sales volume during the last annual period of operations of those enterprises established for one (1) year or more shall not exceed five million dollars ($5,000,000).
(f) Collateral.— Any capital asset that has a determinable economic value, including personal and real property, joint and several guarantees, and any commitment to compensate or indemnify the secured loan, including, but not limited to, allocation of life insurance, accounts receivable, and inventory.
(g) Administrator of the Fund.— The Executive Director of the Commercial Development Company of Puerto Rico.
(h) Letter of commitment.— A written commitment from the Fund attached to the Commercial Development Company, to secure payment of the principal and interest on loans granted by a secured creditor to eligible businesses, up to the limits established by this chapter.
(i) Secondary market.— The market where financial institutions that have obligations secured by the Fund may sell or grant credits secured by the Fund to third persons and/or institutions.
(j) The Bank.— Government Development Bank for Puerto Rico.
(k) Securities Committee.— Shall administer the affairs of the Fund; it shall be composed of the President of the Government Development Bank, the President and the Executive Director of the Commercial Development Company of Puerto Rico, or their authorized representatives.
History —July 9, 1985, No. 97, p. 313, § 2; July 23, 1987, No. 6, p. 609.