2013 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 28. INDIANA ECONOMIC DEVELOPMENT CORPORATION
CHAPTER 32. BUSINESS DEVELOPMENT LOAN FUND
Download as PDF
<![CDATA[
IC 5-28-32
Chapter 32. Business Development Loan Fund
IC 5-28-32-1
"Fund"
Sec. 1. As used in this chapter, "fund" refers to the business
development loan fund.
As added by P.L.162-2007, SEC.27.
IC 5-28-32-2
Establishment; purpose
Sec. 2. The business development loan fund is established. The
fund shall be used by the corporation as a nonlapsing, revolving
fund.
As added by P.L.162-2007, SEC.27.
IC 5-28-32-3
Sources of money
Sec. 3. The fund consists of the following:
(1) Money appropriated by the general assembly.
(2) The repayment proceeds of loans made to businesses from
the fund.
(3) Money received from any other source.
As added by P.L.162-2007, SEC.27.
IC 5-28-32-4
Power to make loans
Sec. 4. Subject to section 5 of this chapter, the corporation may
make a loan from the fund to a business located in Indiana if the
corporation makes a written finding that the loan would accomplish
the purposes of this chapter by enabling the business to carry out a
project or projects that will do any of the following:
(1) Improve the technological capacity or productivity of the
business.
(2) Enhance the protection of Indiana's environment.
(3) Permit the business to expand facilities, establish new
facilities, or make site improvements or infrastructure
improvements.
As added by P.L.162-2007, SEC.27.
IC 5-28-32-5
Required loan agreement terms
Sec. 5. With respect to any loan made under section 4 of this
chapter, a loan agreement with the corporation must contain the
following terms:
(1) A requirement that the loan proceeds be used for specified
purposes consistent with and in furtherance of the purposes of
the corporation under this article.
(2) The term of the loan, which must not be later than fifteen
(15) years after the date of the loan.
(3) The repayment schedule.
(4) The interest rate or rates of the loan, which may include
variations in the rate, but that may not be less than the amount
necessary to cover all expenses of the corporation in making the
loan.
(5) Any other terms and provisions that the corporation
requires.
As added by P.L.162-2007, SEC.27.
]]>
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
