Indiana § 5-28-9-12 Loans to qualified entities; conditions

Indiana Statutes

§ 5-28-9-12 — Loans to qualified entities; conditions

Indiana § 5-28-9-12

Title 5STATE AND LOCAL ADMINISTRATION

Art. 28INDIANA ECONOMIC DEVELOPMENT

Ch. 9Industrial Development Program and Fund

This text of Indiana § 5-28-9-12 (Loans to qualified entities; conditions) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-28-9-12 (2026).

Text

(a)The state board of finance and the corporation shall authorize the making of a loan to a qualified entity under this chapter only when all the following conditions exist:

(1)An application for the loan has been submitted by the qualified entity, in a verified petition, to the state board of finance and the corporation in the manner and form as the state board of finance and the corporation direct. The application must set forth all the following:

(A)The need for the program and the need for funds for instituting and administering the program.

(B)An engineering estimate of the cost of the proposed program acceptable to the state board of finance and the corporation.

(C)The amount of money needed.

(D)Other information that is requested by the state board of finance and the corporati

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(a) The state board of finance and the
corporation shall authorize the making of a loan to a qualified entity
under this chapter only when all the following conditions exist:
(1) An application for the loan has been submitted by the
qualified entity, in a verified petition, to the state board of finance
and the corporation in the manner and form as the state board of
finance and the corporation direct. The application must set forth
all the following:
(A) The need for the program and the need for funds for
instituting and administering the program.
(B) An engineering estimate of the cost of the proposed
program acceptable to the state board of finance and the
corporation.
(C) The amount of money needed.
(D) Other information that is requested by the state board of
finance and the corporation.
(2) The proposed program has been approved by the state board
of finance and the corporation, which they may do only if they
have determined that the program is based on sound engineering
principles and is in the interest of industrial development.
(3) The loan does not exceed one hundred percent (100%) of the
cost to the qualified entity of an approved program, with the cost
of the program to be based on an estimate made by a competent
engineering authority and approved by the corporation.
(4) The qualified entity has agreed to furnish assurance,
satisfactory to the state board of finance and the corporation, that
the qualified entity will operate and maintain the program, after
completion, in a satisfactory manner.
(b) The state board of finance and the corporation shall authorize a
loan to a small business investment company or minority enterprise
small business investment company under this chapter only if:
(1) the small business investment company or minority enterprise
small business investment company has loaned to or invested in
a business located in an enterprise zone for a purpose directly
related to the enterprise zone an amount that is at least twice the
amount of the requested loan; and
(2) the small business investment company or minority enterprise
small business investment company has submitted an application,
before the beginning of the phase out period of the enterprise
zone, to the state board of finance and the corporation that shows
the amount of the loan requested and other information that is
requested by the state board of finance and the corporation.