Sec. 1. As used in this chapter, “federal income poverty level” means the nonfarm income official poverty line as determined annually by the federal Office of Management and Budget. As added by P.L.4-2005, SEC.34.
Sec. 10. The corporation’s criteria for awarding loans from the fund to a local board must include the following factors: (1) The extent to which local financial institutions invest and participate in the local pool. (2) The extent to which the local pool is used as a secondary source of financing that complements conventional financing […]
Sec. 11. A loan from the fund to a local board is subject to the following conditions: (1) The local board may use the loan from the fund only to make and service grants, equity investments, loans, and loan guarantees to persons who are establishing or operating businesses in Indiana. However, the local board may […]
Sec. 12. (a) As used in this section, “eligible entity” means any partnership, unincorporated association, corporation, or limited liability company, whether or not operated for profit, that is established for the purpose of establishing a local investment pool. (b) A local investment pool may be established only by an eligible entity. A political subdivision may […]
Sec. 13. (a) A local opportunity pool may be established only by a nonprofit corporation or a for-profit corporation established for that purpose. A political subdivision may participate in the establishment of such a corporation but may not be the sole member of the corporation. (b) The articles of incorporation or bylaws of a corporation […]
Sec. 14. The making of loans from the fund does not constitute the lending of credit by the state for purposes of any other statute or the Constitution of the State of Indiana. As added by P.L.4-2005, SEC.34.
Sec. 2. As used in this chapter, “fund” refers to the small business development fund established by section 7 of this chapter. As added by P.L.4-2005, SEC.34. Amended by P.L.87-2011, SEC.4.
Sec. 3. As used in this chapter, “local board” means the: (1) governing body of an eligible entity described in section 12 of this chapter; or (2) board of directors of a corporation described in section 13 of this chapter. As added by P.L.4-2005, SEC.34.
Sec. 4. As used in this chapter, “local pool” includes both a local investment pool established under section 12 of this chapter and a local opportunity pool established under section 13 of this chapter. As added by P.L.4-2005, SEC.34.
Sec. 5. As used in this chapter, “nontraditional entrepreneur” means a person who operates or seeks to establish a business in Indiana and who is described in one (1) or more of the following categories: (1) Persons whose employment has been terminated or who have been laid off and who have limited opportunities for employment […]
Sec. 6. (a) The general assembly makes the following findings of fact: (1) There exists in Indiana an inadequate amount of locally managed, pooled investment capital in the private sector available to invest in new and existing business ventures, including business ventures by nontraditional entrepreneurs. (2) Investing capital and business management advice in new and […]
Sec. 7. (a) The small business development fund is established within the state treasury. The fund is a revolving fund to: (1) provide loans approved by the corporation under this chapter and IC 5-28-17; and (2) provide loans or loan guarantees under the small and minority business financial assistance program established by IC 5-28-20-9. (b) […]
Sec. 8. (a) The corporation shall perform the following duties: (1) Establish and implement the policies and procedures to be used by the corporation in the administration of the fund. (2) Subject to section 10 of this chapter, establish criteria for awarding loans from the fund. (3) Review and approve or disapprove applications for loans […]
Sec. 9. A local board may apply for a loan from the fund. A local board’s application for a loan must include the following information: (1) The total amount of the loan requested from the fund. (2) The total amount of matching funds to be provided from the local pool operated by the local board […]
