### Question
How does the law define borrower?


### Answer
Under *15 U.S.C. § 696*, **borrower** is defined as:

> a small business concern that submits an application to a development company for financing under this subparagraph

#### Citation:
  - *15 U.S.C. § 696*
  - Heading: **CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM > SUBCHAPTER V-LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES**

