5-28-21-21. Repealed
As added by P.L.4-2005, SEC.34. Repealed by P.L.133-2012, SEC.46.
5-28-21-22. Advisory Committees
Sec. 22. The corporation may establish one (1) or more advisory committees to assist the corporation in implementing this chapter. Advisory committee members may not be affiliated financially with a sponsor or tenant and must represent fields that can contribute to the sound operation of the incubator program (such as accounting, finance, law, education, and […]
5-28-21-7. Application for Grant, Loan, or Loan Guarantee; Requirements
Sec. 7. A political subdivision (as defined in IC 36-1-2-13), a nonprofit organization, or a for-profit organization may submit an application to the corporation to obtain a grant, loan, or loan guarantee to establish a small business incubator. The application must: (1) describe the facility that is to be converted to an incubator; (2) specify […]
5-28-21-8. Award of Grants, Loans, and Loan Guarantees; Criteria
Sec. 8. The corporation shall award grants, loans, and loan guarantees based on the following criteria: (1) The ability of the applicant to comply with section 19 of this chapter. (2) The economic impact of the incubator on the community. (3) Conformance with any areawide and local economic development plans. (4) The location of the […]
5-28-21-9. Use of Grants and Loans
Sec. 9. Grants and loans awarded or guaranteed under this chapter may be used only for the following purposes, when necessary for the creation and operation of an incubator: (1) The acquisition and leasing of land and existing buildings. (2) The construction or rehabilitation of buildings or other facilities. (3) The purchase of equipment and […]
5-28-21-10. Grant Amount Limits
Sec. 10. A grant under this chapter may not exceed the lesser of: (1) fifty percent (50%) of the total eligible project costs; or (2) two hundred fifty thousand dollars ($250,000). As added by P.L.4-2005, SEC.34.
5-28-21-11. Grant Use Limit
Sec. 11. An applicant for a grant may only use the grant in an economically disadvantaged area. As added by P.L.4-2005, SEC.34.
5-28-21-12. Loan or Loan Guarantee Amount Limits
Sec. 12. A loan or loan guarantee under this chapter may not exceed the lesser of: (1) fifty percent (50%) of the total eligible project costs; or (2) five hundred thousand dollars ($500,000). As added by P.L.4-2005, SEC.34.
5-28-21-13. Combined Grant and Loan or Loan Guarantee Amount Limits
Sec. 13. An applicant may apply for both a grant and a loan or loan guarantee, but the combined grant and loan or loan guarantee may not exceed five hundred thousand dollars ($500,000). As added by P.L.4-2005, SEC.34.
5-28-21-14. Loan Security
Sec. 14. (a) A loan under this chapter must be secured by liens on collateral at the highest level of priority that can accommodate the borrower’s ability to raise sufficient debt and equity capital. (b) A financial institution holding an obligation that is guaranteed under this chapter must adequately secure the obligation. As added by […]