In this chapter, the following terms have the meanings indicated. Terms Defined. “Act” means Economic Development Article, Title 5, Subtitle 5, inclusive, Annotated Code of Maryland, as amended. “Applicant” means a sole proprietor, a partnership, a limited liability company, a limited liability partnership, a cooperative, an unincorporated association, or a corporation applying for financial assistance under the Program. "Authority" means the Maryland Small Business Development Financing Authority. “Department” means the Department of Commerce, a principal department of the State. “Director” means the Executive Director or Deputy Director of the Authority. “Financial assistance” means a guaranty or an interest subsidy provided 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. “Guaranty” means a loan 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 and, if applicable, for an interest subsidy. “Interest subsidy” means a subsidy to be paid by the Authority to a lender to reduce the applicant's interest payments to the lender. “Lender” means a financial institution that makes a loan that is guarantied by the Authority under the Program. “Loan” means a loan made to the applicant by a lender and guarantied by the Authority under the Program. “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, deed of trust, pledge, assignment, loan and security agreement, or guarantee. “Program” means the guaranty program, as authorized by the Act. “Secretary” means the Secretary of Commerce. “Working capital” means funds used to meet the cash needs of an operating business entity, excluding capital purchases.