5-28-21-1. “Economically Disadvantaged Area”
Sec. 1. As used in this chapter, “economically disadvantaged area” has the meaning set forth in IC 6-3.1-9-1. As added by P.L.4-2005, SEC.34.
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 […]
5-28-21-15. Leased Facilities; Conditions
Sec. 15. A grant, loan, or loan guarantee for an incubator in a facility that is leased may be made only if the applicant intends to buy the facility. A loan or loan guarantee must be secured by a leasehold mortgage. As added by P.L.4-2005, SEC.34.
5-28-21-16. Deferral of Principal and Interest
Sec. 16. The corporation may defer payment of interest and principal on a loan under this chapter for not more than two (2) years. As added by P.L.4-2005, SEC.34.
5-28-21-17. Loan Interest Rate; Determination
Sec. 17. In order to establish a rate of interest for a loan under this chapter, the corporation shall select a nationally recognized index of municipal bond averages and a date not less than one (1) month nor more than two (2) months before the granting of the loan. The rate of interest on the […]
5-28-21-18. Loan or Loan Guarantee Time Limits
Sec. 18. A loan or loan guarantee under this chapter may not exceed the lesser of: (1) ten (10) years; or (2) the useful life of the property for which the loan is granted or guaranteed, as determined by the United States Department of the Treasury. As added by P.L.4-2005, SEC.34.
5-28-21-19. Duties of Sponsors or Assistance Recipients
Sec. 19. A sponsor or an organization receiving assistance through a sponsor has the following duties in establishing and operating a small business incubator with assistance under this chapter: (1) Securing title to the facility or leasing the facility with the intent to secure title. (2) Managing the physical development of the incubator facility, including […]
5-28-21-2. “Fund”
Sec. 2. As used in this chapter, “fund” refers to the small business incubator fund established by section 6 of this chapter. As added by P.L.4-2005, SEC.34.
5-28-21-20. Duties of Corporation
Sec. 20. The corporation has the following duties under this chapter: (1) Making grants, loans, and loan guarantees to sponsors for small business incubators. (2) Ensuring that sponsors receiving grants, loans, or loan guarantees meet the conditions of this chapter. (3) Receiving and evaluating annual reports from sponsors. These reports must include a financial statement […]
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 […]
5-28-21-3. “Incubator”
Sec. 3. As used in this chapter, “incubator” means a facility in which space may be leased by a tenant and in which management provides access to business development services for use by tenants. As added by P.L.4-2005, SEC.34.
5-28-21-4. “Sponsor”
Sec. 4. As used in this chapter, “sponsor” means an organization that enters into a written agreement with the corporation to: (1) establish, operate, and administer a small business incubator; or (2) provide funding to an organization that operates a small business incubator. As added by P.L.4-2005, SEC.34.
5-28-21-5. “Tenant”
Sec. 5. As used in this chapter, “tenant” means a sole proprietorship, partnership, limited liability company, or corporation operating a business and occupying space in an incubator. As added by P.L.4-2005, SEC.34.
5-28-21-6. Establishment of Fund; Purpose; Repayments of Loans; Nonreversion
Sec. 6. (a) The small business incubator fund is established within the state treasury. The fund is a revolving fund. The fund shall be used to provide grants, loans, and loan guarantees under this chapter. (b) The fund consists of appropriations from the general assembly and loan repayments. (c) The corporation shall administer the fund. […]
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 […]