Canada Small Business Financing Regulations

1 (1) The definitions in this subsection apply in these Regulations.

Act

Act means the Canada Small Business Financing Act. (Loi)

borrower

borrower means a person who carries on or is about to carry on a small business to whom a loan has been made under the Act. It does not include Her Majesty or an agent of Her Majesty in right of Canada or a province, a municipality or a municipal or other public body that performs a function of government. (emprunteur)

conventional loan

conventional loan means a loan that is not subject to the Act. (prêt ordinaire)

equipment

equipment means equipment that is used or to be used in the course of carrying on a small business, and includes computer software, any ship, boat or other vessel used or to be used in navigation and water supply systems. It does not include stock-in-trade or inventory of the small business except stock-in-trade or inventory that is leased by the borrower to the borrower’s customers. (matériel)

going concern

going concern means a small business that has carried on operations at any time within 60 days prior to purchase or, in the case of a small business that operates on a seasonal basis, during the season prior to purchase. (entreprise en exploitation)

health care industry

health care industry means a small business classified under the heading Major Group 86 - Health and Social Service Industries, of the Standard Industrial Classification, 1980 published by Statistics Canada. (industrie des soins médicaux)

hospitality industry

hospitality industry means a small business classified under the headings Major Group 91 - Accommodation Service Industries, and Major Group 92 - Food and Beverage Service Industries, of the Standard Industrial Classification, 1980 published by Statistics Canada. (industrie hôtelière)

improvement

improvement includes construction, renovation and modernization and, with respect to equipment, installation. (amélioration)

loan term

loan term means the period set out in a loan agreement for repayment of the total amount of the loan. (durée du prêt)

mini-storage industry

mini-storage industry means a small business classified under the heading 479 - Other Storage and Warehousing Industries, of the Standard Industrial Classification, 1980 published by Statistics Canada. (industrie du mini-entreposage)

responsible officer of the lender

responsible officer of the lender means

• (a) the manager or assistant manager of the lender or a branch of the lender;

• (b) the credit committee of the lender or a branch of the lender; and

• (c) any person duly authorized by the lender to approve the granting of loans. (responsable du prêteur)

(2) Whether persons are at arm’s length from each other must, for the purposes of these Regulations, be determined in accordance with the Income Tax Act.

(3) For the purposes of these Regulations, a loan is considered to have been made on the day on which the first disbursement of funds is made by the lender.