CHAPTER 19. MICROENTERPRISE PARTNERSHIP PROGRAM

IC 5-28-19
    Chapter 19. Microenterprise Partnership Program

IC 5-28-19-1
"Microenterprise"
    Sec. 1. As used in this chapter, "microenterprise" means abusiness with fewer than five (5) employees. The term includesstartup, home based, and self-employed businesses.
As added by P.L.4-2005, SEC.34.

IC 5-28-19-2
"Microloan"
    Sec. 2. As used in this chapter, "microloan" means a business loanof not more than twenty-five thousand dollars ($25,000).
As added by P.L.4-2005, SEC.34.

IC 5-28-19-3
"Microloan delivery organization"
    Sec. 3. As used in this chapter, "microloan delivery organization"means a community based or nonprofit program that:
        (1) has developed a viable plan for providing training, access tofinancing, and technical assistance to microenterprises; and
        (2) meets the criteria and qualifications set forth in this chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-19-4
"Operating costs"
    Sec. 4. As used in this chapter, "operating costs" refers to thecosts associated with administering a loan or a loan guaranty,administering a revolving loan program, or providing for businesstraining and technical assistance to a microloan recipient.
As added by P.L.4-2005, SEC.34.

IC 5-28-19-5
"Program"
    Sec. 5. As used in this chapter, "program" refers to themicroenterprise partnership program established under section 6 ofthis chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-19-6
Establishment of program; grant limit
    Sec. 6. (a) The corporation shall establish the microenterprisepartnership program to provide grants to microloan deliveryorganizations.
    (b) A grant provided under subsection (a) may not exceedtwenty-five thousand dollars ($25,000).
    (c) A microloan delivery organization receiving a grant under thissection must use the grant for the purposes set forth in this chapter.
As added by P.L.4-2005, SEC.34.
IC 5-28-19-7
Criteria for grants
    Sec. 7. To establish the criteria for making a grant to a microloandelivery organization, the corporation shall consider the following:
        (1) The microloan delivery organization's plan for providingbusiness development services and microloans tomicroenterprises.
        (2) The scope of services provided by the microloan deliveryorganization.
        (3) The microloan delivery organization's plan for coordinatingthe services and loans provided under this chapter with thoseprovided by commercial lending institutions.
        (4) The geographic representation of all regions of the state,including both urban and rural communities and neighborhoods.
        (5) The microloan delivery organization's emphasis onsupporting female and minority entrepreneurs.
        (6) The ability of the microloan delivery organization to providebusiness training and technical assistance to microenterprises.
        (7) The ability of the microloan delivery organization tomonitor and provide financial oversight of recipients ofmicroloans.
        (8) The sources and sufficiency of the microloan deliveryorganization's operating funds.
As added by P.L.4-2005, SEC.34.

IC 5-28-19-8
Permitted uses of grants
    Sec. 8. A grant received by a microloan delivery organization maybe used for the following purposes:
        (1) To satisfy matching fund requirements for federal or privategrants.
        (2) To establish a revolving loan fund from which the microloandelivery organization may make loans to microenterprises.
        (3) To establish a guaranty fund from which the microloandelivery organization may guarantee loans made by commerciallending institutions to microenterprises.
        (4) To pay the operating costs of the microloan deliveryorganization. However, not more than ten percent (10%) of agrant may be used for this purpose.
As added by P.L.4-2005, SEC.34.

IC 5-28-19-9
Matching of appropriations
    Sec. 9. Money appropriated to the program must be matched byat least an equal amount of money derived from any of the followingnonstate sources:
        (1) Private foundations.
        (2) Federal sources.
        (3) Local government sources.
        (4) Quasi-governmental entities.        (5) Commercial lending institutions.
        (6) Any other source whose funds do not include moneyappropriated by the general assembly.
As added by P.L.4-2005, SEC.34.

IC 5-28-19-10
Disbursal of microloan money
    Sec. 10. At least fifty percent (50%) of the microloan moneydisbursed by a microloan delivery organization must be disbursed inmicroloans that do not exceed ten thousand dollars ($10,000).
As added by P.L.4-2005, SEC.34.

IC 5-28-19-11
Standards, procedures, and guidelines
    Sec. 11. The corporation may prescribe standards, procedures, andother guidelines to implement this chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-19-12
Use of microenterprise partnership program fund and other funds
    Sec. 12. The corporation may use money in the microenterprisepartnership program fund established by IC 5-28-18-7 or any othermoney available to the corporation to carry out this chapter.
As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.130.

IC 5-28-19-13
Reporting requirements
    Sec. 13. Before August 1 of each year, the corporation shallsubmit to the budget committee a supplemental report on alongitudinal study:
        (1) describing the economic development outcomes resultingfrom microloans made under this chapter; and
        (2) evaluating the effectiveness of the microloan deliveryorganizations and the microloans made under this chapter in:
            (A) expanding employment and self-employmentopportunities in Indiana; and
            (B) increasing the incomes of persons employed bymicroenterprises.
As added by P.L.4-2005, SEC.34.