2012 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 20. HOUSING
CHAPTER 8. MICROENTERPRISE PARTNERSHIP PROGRAM

IC 5-20-8
Chapter 8. Microenterprise Partnership Program

IC 5-20-8-1
"Authority"
Sec. 1. As used in this chapter, "authority" refers to the Indiana housing and community development authority created by IC 5-20-1-3.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-2
"Microenterprise"
Sec. 2. As used in this chapter, "microenterprise" means a business having not more than five (5) employees. The term includes startup, home based, and self-employed businesses.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-3
"Microloan"
Sec. 3. As used in this chapter, "microloan" means a business loan of not more than twenty-five thousand dollars ($25,000).
As added by P.L.87-2011, SEC.2.

IC 5-20-8-4
"Microloan delivery organization"
Sec. 4. As used in this chapter, "microloan delivery organization" means a community based or nonprofit program that:
(1) has developed a viable plan for providing training, access to financing, and technical assistance to microenterprises; and
(2) meets the criteria and qualifications set forth in this chapter.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-5
"Operating costs"
Sec. 5. As used in this chapter, "operating costs" refers to the costs associated with administering a loan or a loan guaranty, administering a revolving loan program, or providing business training and technical assistance to a microloan recipient.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-6
"Program"
Sec. 6. As used in this chapter, "program" refers to the microenterprise partnership program established under section 7 of this chapter.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-7
Establishment of program; grant limit
Sec. 7. (a) The authority shall establish the microenterprise

partnership program to provide grants to microloan delivery organizations.
(b) A grant provided under subsection (a) may not exceed twenty-five thousand dollars ($25,000).
(c) A microloan delivery organization receiving a grant under this section must use the grant for the purposes set forth in this chapter.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-8
Criteria for grants
Sec. 8. To establish the criteria for making a grant to a microloan delivery organization, the authority shall consider the following:
(1) The microloan delivery organization's plan for providing business development services and microloans to microenterprises.
(2) The scope of services provided by the microloan delivery organization.
(3) The microloan delivery organization's plan for coordinating the services and loans provided under this chapter with those provided by commercial lending institutions.
(4) The geographic representation of all regions of Indiana, including both urban and rural communities and neighborhoods.
(5) The microloan delivery organization's emphasis on supporting female and minority entrepreneurs.
(6) The ability of the microloan delivery organization to provide business training and technical assistance to microenterprises.
(7) The ability of the microloan delivery organization to monitor and provide financial oversight of recipients of microloans.
(8) The sources and sufficiency of the microloan delivery organization's operating funds.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-9
Permitted uses of grants
Sec. 9. A grant received by a microloan delivery organization may be used for the following purposes:
(1) To satisfy matching fund requirements for federal or private grants.
(2) To establish a revolving loan fund from which the microloan delivery organization may make loans to microenterprises.
(3) To establish a guaranty fund from which the microloan delivery organization may guarantee loans made by commercial lending institutions to microenterprises.
(4) To pay the operating costs of the microloan delivery organization. However, not more than ten percent (10%) of a grant may be used for this purpose.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-10 Matching of appropriations
Sec. 10. Money appropriated to the program must be matched by at least an equal amount of money derived from any of the following nonstate sources:
(1) Private foundations.
(2) Federal sources.
(3) Local government sources.
(4) Quasi-governmental entities.
(5) Commercial lending institutions.
(6) Any other source whose funds do not include money appropriated by the general assembly.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-11
Disbursal of microloan money
Sec. 11. At least fifty percent (50%) of the microloan money disbursed by a microloan delivery organization must be disbursed in microloans that do not exceed ten thousand dollars ($10,000).
As added by P.L.87-2011, SEC.2.

IC 5-20-8-12
Standards, procedures, and guidelines
Sec. 12. The authority may prescribe standards, procedures, and other guidelines to implement this chapter.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-13
Use of microenterprise partnership program fund and other funds
Sec. 13. The authority may use money in the microenterprise partnership program fund established by IC 5-20-7-3 or any other money available to the authority to carry out this chapter.
As added by P.L.87-2011, SEC.2.

IC 5-20-8-14
Reporting requirements
Sec. 14. Before August 1 of each year, the authority shall submit to the budget committee a supplemental report on a longitudinal study:
(1) describing the economic development outcomes resulting from microloans made under this chapter; and
(2) evaluating the effectiveness of the microloan delivery organizations and the microloans made under this chapter in:
(A) expanding employment and self-employment opportunities in Indiana; and
(B) increasing the incomes of persons employed by microenterprises.
As added by P.L.87-2011, SEC.2.