(a) "Authority" means the West Virginia economic development authority established in article fifteen, chapter thirty-one of this code.
(b) "Director" means the director of the West Virginia Division of Environmental Protection.
(c) "Division" means the West Virginia Division of Environmental Protection as established in article one of this chapter.
(d) "Eligible borrower" means a small business as defined in subsection (h) of this section that is required or needs to conduct a qualifying environmental project as defined in subsection (g) of this section. An eligible borrower also means a small business that desires to refinance the remaining balance of a debt that was incurred between January 1, 1992, and until two years after the effective date of this article, and that meets, or would have met, at the time of the original loan application, the requirements of this subsection. The refinancing option is not available for applications received by the authority more than three years after the effective date of this article. Funds available for refinanced loans may not, at any time, exceed forty percent of the total funds available plus the outstanding balance of funded loans.
(e) "Environmental project" means:
(1) Any environmental equipment purchases and installations of the equipment;