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Indiana Code Title 5. State and Local Administration § 5-28-30-12

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

Sec. 12. 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.

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-28-30-12 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-28-30-12/

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