In this chapter, the following terms have the meanings indicated. Terms Defined. “Act” means Economic Development Article, Title 5, Subtitle 5, Annotated Code of Maryland, as amended. “Applicant” means a sole proprietor, a partnership, or a corporation applying for financial assistance under the Program. "Authority" means the Maryland Small Business Development Financing Authority. “Contract” means a contract for a project financed by the federal or State government, a local government, or a utility regulated by the Public Service Commission. “Contract Financing Fund” means the Small Business Development Contract Financing Fund. “Department” means the Department of Commerce, “Direct loan” means a loan made by the Authority under the Program directly to the applicant. “Director” means the Executive Director or Deputy Director of the Authority. “Equity guaranty” means the Authority's guaranty of an equity investment in the applicant. “Financial assistance” means a direct loan or guaranty made by the Authority. “Financial institution” means any financial institution as that term is defined in Financial Institutions Article, §1-101(h), Annotated Code of Maryland, as well as any other lender approved by the Authority. “Guarantied loan” means a loan made to the applicant by a lender and guarantied by the Authority under the Program. “Guaranty” means a loan guaranty or an equity guaranty made under the Program. “Guaranty agreement” means the agreement between the Authority and the lender providing for the terms of the Authority's guaranty of a loan or equity investment. “Investor” means a person who invests funds in an applicant. “Lender” means a financial institution or other lender approved by the Authority. “Loan documents” means any instrument or agreement evidencing, securing, or guaranteeing the payment or the repayment of a loan, including by way of example any note, financing statement, mortgage, pledge, assignment, loan and security agreement, or guarantee. “Program” means the Contract Financing Program, as authorized by the Act. “Project” means the facility to be constructed, or task to be performed, under the contract. “Secretary” means the Secretary of Commerce. “Working capital” means funds used to pay for the current operations of a business, including, without limitation, supplies, materials, labor, equipment, accounts payable not more than 12 months old, or short-term credit used for working capital such as a bridge loan or revolving line of credit due within 12 months or less. “Working capital” does not include funds used to refinance existing long-term obligations.