As used in the Minority Business Assistance Act [ 9-15-52 to 9-15-55 NMSA 1978]:
A. "department" means the economic development department; and
B. "minority business" means a business, with its principal place of business in New Mexico:
(1) the majority ownership of which is held by individuals who are residents of New Mexico and African Americans, Hispanic Americans, Asian Americans or Native Americans; and
(2) that employs twenty or fewer people.