(a) a manufacturing firm or agricultural business which employs five hundred or fewer employees within the state on a full-time basis; or

(b) any certified business in an empire zone which business employs one hundred or fewer employees within the state on a full-time basis; or

(b-1) during the whole or any portion of a period in which an area continues to be designated as a renewal community, any renewal community business located in such area that employs one hundred or fewer employees within the state on a full-time basis; or

(b-2) during the whole or any portion of a period in which an area continues to be designated as an empowerment zone, any business located in such area that employs one hundred or fewer employees within the state on a full-time basis; or

(b-3) during the whole or any portion of a period in which an area continues to be designated as an enterprise community, any business located in such area that employs one hundred or fewer employees within the state on a full-time basis; or

(c) any firm seeking financing through the program for an export project, which firm employs one hundred or fewer employees within the state on a full-time basis; or

(d) any business located in a highly distressed area, which business:

(i) is not a retail business, unless financing provided through the program would promote the preservation of existing jobs or an increase in the overall number of retail jobs in the area; and

(ii) employs one hundred or fewer employees within the state on a full-time basis; or

(e) any certified minority-or women-owned business seeking financing necessary to carry out a procurement contract with an agency or authority or other entity of the state or federal government; or

(f) any service business that is independently owned and operated, is not dominant in its field, employs one hundred or fewer persons on a full-time basis within the state, and is seeking financing through the program for a project that will result in the retention or creation of permanent private sector jobs within the state, other than a business that sells a service rendered at a facility personally by an individual for another individual, directly, without the intervention of a third party, or a professional service business such as health, legal, accounting, engineering, or architectural services.

(g) a qualifying technology or innovation business which business employs one hundred or fewer employees within the state on a full-time basis and engages in:

(1) biotechnologies, which shall be defined as technologies involving the scientific manipulation of living organisms, especially at the molecular and/or the sub-molecular genetic level, to produce products conducive to improving the lives and health of plants, animals, and humans; and the associated scientific research, pharmacological, mechanical, and computational applications and services connected with these improvements;

(2) information and communication technologies, equipment and systems that involve advanced computer software and hardware, visualization technologies, and human interface technologies;

(3) advanced materials and processing technologies that involve the development, modification, or improvement of one or more materials or methods to produce devices and structures with improved performance characteristics or special functional attributes, or to activate, speed up, or otherwise alter chemical, biochemical, or medical processes;

(4) electronic and photonic devices and components for use in producing electronic, optoelectronic, mechanical equipment and products of electronic distribution with interactive media content;

(5) energy efficiency, renewable energy and environmental technologies, products, devices and services; or

(6) small scale systems integration and packaging. 12. "Eligible projects" means:

(a) export projects designed to increase a firm's export activities; or

(b) for manufacturing, agricultural and service firms, projects which involve the preparation of strategic plans for improving productivity and competitiveness; the introduction of modern equipment and/or an expansion of facilities as part of a modernization plan; the introduction of advanced technologies to improve productivity and quality; improvements in production processes and operations, including agricultural operations; introduction of computerized information, reporting and control systems; reorganization or improvement of work place systems and the introduction of total quality and employee participation programs; development and introduction of new products; identification and development of new markets, including entry into foreign markets; financial restructuring for purposes of enabling modernization activities; buyouts of viable companies by employees or local owners residing in the state; and the provision of working capital for other modernization activities that will improve the competitiveness and productivity of a firm and result in the creation or retention of jobs; or

(c) for certified businesses located in empire zones, for retail businesses located in highly distressed areas, for eligible businesses that are defined in paragraph (b-1) of subdivision eleven of this section that are located in a renewal community, for eligible businesses that are defined in paragraph (b-2) of subdivision eleven of this section that are located in an empowerment zone, and for eligible businesses that are defined in paragraph (b-3) of subdivision eleven of this section that are located in an enterprise community, projects that will create or retain full-time, permanent jobs within the empire zone or empowerment zone or enterprise community or highly distressed area or renewal community, as the case may be; or

(d) for defense industry manufacturers, projects designed to reduce dependence on department of defense and other military contracts and to change or diversify production in order to take advantage of any market other than that serving the department of defense or other military procurers; or

(e) for certified minority-and women-owned businesses, projects to provide financing necessary to carry out a procurement contract with an agency or authority or other entity of the state or federal government. 12-a. "Empowerment zone" means an area within the state that has been designated by such term pursuant to section 1391 of the federal Internal Revenue Code (26 United States Code § 1391) under the federal Community Renewal Tax Relief Act of 2000. 12-b. "Enterprise community" means an area within the state that has been designated by such term pursuant to section 1391 of the federal Internal Revenue Code (26 United States Code § 1391) under the federal Community Renewal Tax Relief Act of 2000. 13. "Highly distressed area" means: (a) a census tract or tracts or block numbering area or areas or such census tract or block numbering area contiguous thereto which, according to the most recent census data available, has:

(i) a poverty rate of at least twenty percent for the year to which the data relates or at least twenty percent of the households receiving public assistance; and

(ii) an unemployment rate of at least one and twenty-five one hundredths times the statewide unemployment rate for the year to which the data relates; or

(b) a city, town, village or county within a city with a population of one million or more for which: (i) the ratio of the full value property wealth, as determined by the comptroller for the most recent year determined, per resident to the statewide average full value property wealth per resident; and (ii) the ratio of the income per resident, as shown in the most recent census to the statewide average income per resident; are each fifty-five percent or less of the statewide average; provided, however, that an empire zone shall not be considered a highly distressed area for purposes of this article. 14. "Lender" means:

(a) any commercial bank which is or shall become an approved depository of state funds under the provisions of section one hundred five of this chapter and which agrees to participate in the program; or

(b) any thrift which an authorized depositor determines is eligible to accept linked deposits based upon criteria applied by the authorized depositor in making determinations under section one hundred five of this chapter, and which agrees to participate in the program, provided that any linked deposit in such thrift shall be secured in the same manner as moneys deposited pursuant to section one hundred five of this chapter and such thrifts shall pledge assets or furnish other security satisfactory in form and amount to the authorized depositor for the repayment of moneys. Until April first, nineteen hundred ninety-six, in the determination of thrifts eligible to accept linked deposits, the authorized depositor shall give priority to applications by those thrifts seeking to make linked loans in economic development regions in which fewer than ten linked loans have been made on or before April first, nineteen hundred ninety-five. Provided, however, that the granting of such priority shall in no way relieve an authorized depositor of his or her duty and obligation to review all thrift applications from all economic development regions in the state on a timely basis.

(c) any farm credit system institution which agrees to participate in the program.

(d) the New York business development corporation. 15. "Linked deposit" means a deposit, or for farm credit system institutions and the New York business development corporation an investment eligible to be held by such institution or corporation placed with a lender by the comptroller or the commissioner of taxation and finance for a period of four years at the linked deposit interest rate, provided the lender agrees to:

(a) lend the equivalent value of such deposit to an eligible business at the interest rate provided in section two hundred eighteen of this article; and

(b) permit the deposit to be comprised of a series of ninety day deposits each bearing an interest rate equal to the linked deposit interest rate fixed at the time the original deposit is placed. This article and the related statutes that refer to this article do not grant thrifts, farm credit system institutions or the New York business development corporation eligibility to accept public funds or public moneys from public entities for investment purposes. For farm credit system institutions, the linked deposit program is available for loans with an agricultural purpose as defined by the farm credit act of nineteen hundred seventy-one, as amended and regulations promulgated thereunder. A linked deposit is intended to enable a lender to make a linked loan to an eligible business and such deposit earns a yield lower than posted rates in order to accomplish the goals of this article. 16. "Linked deposit interest rate" means:

(a) for a linked deposit made in connection with a linked loan to a certified business in an empire zone or to an eligible business located in a highly distressed area or to an eligible business that is defined in paragraph (b-1) of subdivision eleven of this section that is located in a renewal community or defined in paragraph (b-2) of such subdivision that is located in an empowerment zone or defined in paragraph (b-3) of such subdivision that is located in an enterprise community, or a qualifying technology or innovation business as defined in paragraph (g) of subdivision eleven of this section, respectively for eligible projects defined in paragraph (c) of subdivision twelve of this section or a certified minority- or women-owned business enterprise for an eligible project defined in paragraph (e) of subdivision twelve of this section or to a defense industry manufacturer for a project defined in paragraph (d) of subdivision twelve of this section, a fixed rate of interest which is three hundred basis points below the lender's posted four year certificate of deposit rate or, if the lender does not offer a four year certificate of deposit, is three hundred basis points below the average statewide rate for four year certificates of deposit as determined by the commissioner of economic development;

(b) for a linked deposit made in connection with any linked loan other than those specified in paragraph (a) of this subdivision, a fixed rate of interest which is two hundred basis points below the lender's posted four year certificate of deposit rate, or if the lender does not offer a four year certificate of deposit, is two hundred basis points below the average statewide rate for four year certificates of deposit as determined by the commissioner of economic development. 17. "Linked loan" means a loan for purposes of an eligible project, in an amount equal to a linked deposit and bearing interest for the first four years at the interest rate provided in section two hundred eighteen of this article. 18. "Manufacturing firm" means a 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. 19. "Program" means the excelsior linked deposit program. 20. "Thrift" means any savings bank or savings and loan association, federal savings bank or federal savings and loan association. 21. "Economic development region" shall refer to those regions established by the department of economic development pursuant to section two hundred thirty of the economic development law. 22. "Renewal community" means an area within the state that has been designated by such term in accordance with section 1400E of the federal Internal Revenue Code (26 United States Code § 1400E) under the federal Community Renewal Tax Relief Act of 2000. 23. "Renewal community business" means a business that is designated by such term pursuant to section 1400G of the federal Internal Revenue Code (26 United States Code § 1400G) under the federal Community Renewal Tax Relief Act of 2000.