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Indiana Code Title 5. State and Local Administration § 5-28-18-11

Current as of January 02, 2024 | Updated by FindLaw Staff

Sec. 11. A loan from the fund to a local board is subject to the following conditions:

(1) The local board may use the loan from the fund only to make and service grants, equity investments, loans, and loan guarantees to persons who are establishing or operating businesses in Indiana. However, the local board may not spend any part of the loan from the fund to defray the expenses of servicing grants, loans, and loan guarantees unless that expenditure is specifically authorized in the loan agreement with the corporation.

(2) The term of the loan may not exceed twenty (20) years.

(3) The loan must require the local board to provide matching funds in an amount determined by the corporation. However, the total of the loan plus the matching funds must be at least:

(A) one million dollars ($1,000,000) for a local investment pool established under section 12 of this chapter; or

(B) five hundred thousand dollars ($500,000) for a local opportunity pool established under section 13 of this chapter.

(4) The corporation may forgive or defer payment of all or part of the interest and principal on the loan.

(5) The loan agreement must require the local board, through its staff or consultants, to perform the following duties with respect to recipients of financial assistance from the local pool:

(A) Provide training in business and financial management techniques.

(B) Oversee the fiscal operations of the recipients of financial assistance for at least one (1) year following the receipt of that assistance.

(C) Provide fiscal management assistance to recipients of financial assistance when necessary for at least one (1) year following the receipt of the assistance, including assistance in the preparation and filing of federal and state tax returns.

(6) The local board must make a report concerning the local pool to the corporation before September 1 of each year. The report must include detailed information concerning the structure, operation, and financial condition of the local pool.

(7) Any other conditions that the corporation considers appropriate.

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-28-18-11 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-28-18-11/

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