(a) Corporation shall mean the New York State Urban Development Corporation, a public benefit corporation created by chapter 174 of the Laws of 1968, as amended.

(b) Industrial firm shall mean a manufacturing firm involved with extracting, smelting, recovering, developing, preparing, compounding, converting, assembling or producing, in any manner, minerals, raw materials, products or substances of any kind or nature, and shall include facilities related thereto for storage, warehousing or distribution, for research and development or for the discovery of new, and the refinement of known, substances, processes, and products.

(c) Program shall mean the Small- and Medium-Sized Business Assistance Program created by section 5-a of the Omnibus Economic Development Act of 1987, chapter 839 of the Laws of 1987.

(d) Project loans shall mean loans made to businesses pursuant to the program.

(e) Small- and medium-sized business assistance project shall mean a project designed and intended for the purpose of providing assistance to industrial firms that employ 500 or fewer employees within the State on a full-time basis.

(f) State shall mean the State of New York.

(g) UDC Act shall mean chapter 174 of the Laws of 1968, as amended.