§ 5-28-30-12 — Power to guarantee an unsecured loan

Indiana § 5-28-30-12

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 30: Industrial Development Loan Guaranty Program

Text

The corporation may guarantee an unsecured
loan for:
(1) working capital purposes, if the corporation determines, under
criteria that it establishes, that the loan for working capital:
(A) is for an industrial development project, a mining
operation, or an agricultural operation that involves the
processing of agricultural products; and
(B) will lead directly to increased production or job creation or
retention through sales of products or provision of services to
federal, state, or local government, private businesses, or
individuals, or through exports to foreign markets; or
(2) capital expenditures, if the corporation determines, under
criteria that the corporation establishes, that the loan is for an
industrial development project described in section 5(6) of this
chapter.
The loan guarantee may not exceed five hundred thousand dollars
($500,000) for any single project or operation, and may be in addition
to any other guarantees of the corporation under this chapter. The
guarantee terms must include a time limit for working capital loan
guarantees that may not exceed eighteen (18) months. However, the
guarantees are renewable. A loan guarantee may not exceed eighty
percent (80%) of the unpaid principal balance from time to time
outstanding of the loan being guaranteed. The corporation may impose
any additional terms it considers appropriate for any particular project
or operation.

Legislative History

As added by P.L.162-2007, SEC.25. Amended by P.L.10-2019, SEC.36.