South Carolina § 11-56-20 - Definitions.
Full text of South Carolina South Carolina Code of Laws § 11-56-20 — Definitions., with citation guidance and answers to common questions.
§ 11-56-20. Definitions.
As used in this chapter:
(1) "Department" means the Department of Commerce.
(2) "Financial institution" means an organization authorized to do business under state or federal laws relating to financial institutions.
(3) "Microenterprise" means any business, whether new or existing, with five or fewer employees, including startup, home-based, and self-employed businesses.
(4) "Microloan" means any business loan up to twenty-five thousand dollars.
(5) "Microloan delivery organization" means a community-based or nonprofit program that has developed a viable plan for providing training, access to financing, and technical assistance for microenterprises.
(6) "Operating costs" means the costs associated with administering a loan or a loan guaranty, administering a revolving loan program, or providing for business training and technical assistance to a microloan recipient.
(7) "Program" means the Microenterprise Partnership Program.
(8) "Statewide microlending support organization" means a community-based or nonprofit organization that has a demonstrated capacity and a plan for providing and administering grants or loans to microloan delivery organizations.
HISTORY: 2014 Act No. 171 (H.3125), SECTION 1.A, eff January 1, 2014.
Frequently Asked Questions About South Carolina § 11-56-20
What does South Carolina Code of Laws § 11-56-20 cover?
Section 11-56-20 ("Definitions.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 11-56-20?
A common citation format is "South Carolina Code of Laws § 11-56-20" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 11-56-20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.