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Indiana Code Title 5. State and Local Administration § 5-28-29-17

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

Sec. 17. (a) The following types of loans are eligible loans under the program:

(1) Loans for industrial or commercial purposes.

(2) Loans to refinance loans made for the purposes in subdivision (1).

(3) Loans for line of credit agreements established between the lender and borrower that are used for the purposes in subdivision (1).

(b) Eligible loans must meet the following criteria:

(1) The lender has not made the loan to enroll in the program prior debt that is not covered under the program and that is or was owed by the borrower to the lender.

(2) The proceeds of the loan will not be used for that part of a project or development devoted to housing.

(3) The proceeds of the loan will not be used to finance passive real estate ownership.

(4) The proceeds of the loan will be used to finance a project or enterprise that is located in Indiana and that will foster economic development in Indiana.

(c) An eligible loan may provide for an interest rate, fees, and other terms and conditions agreed to by the lender and borrower.  If the loan amount to be borrowed is determined by a commitment agreement that establishes a line of credit, the amount of the loan is the maximum amount available to the borrower under the agreement.

(d) Notwithstanding any other provision of this chapter, a loan:

(1) originated by an entity:

(A) that is a qualified “eligible intermediary” participating in the federal Small Business Administration Microloan Program pursuant to 15 U.S.C. 636(m), as amended from time to time;  and

(B) that is approved as a lender in accordance with the policy guidelines adopted by the board of the corporation;  and

(2) with a principal loan amount that exceeds fifty thousand dollars ($50,000);

is not an eligible loan under the program.

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-28-29-17 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-28-29-17/

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