IC 5-28-20
    Chapter 20. Small and Minority Business Financial AssistanceProgram

IC 5-28-20-1
"Approved lender"
    Sec. 1. As used in this chapter, "approved lender" means any:
        (1) lending institution; or
        (2) bank, trust company, building and loan association, or creditunion;
that is approved by the corporation as a lender under this chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-2
"Fund"
    Sec. 2. As used in this chapter, "fund" refers to themicroenterprise partnership program fund established byIC 5-28-18-7.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-3
"Loan"
    Sec. 3. As used in this chapter, "loan" means a direct loan fromthe fund.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-4
"Minority business"
    Sec. 4. As used in this chapter, "minority business" means anindividual, a partnership, a corporation, a limited liability company,or a joint venture of any kind that is owned and controlled by one (1)or more persons who are:
        (1) United States citizens; and
        (2) members of a minority group.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-5
"Minority group"
    Sec. 5. As used in this chapter, "minority group" means:
        (1) blacks;
        (2) American Indians;
        (3) Hispanics;
        (4) Asian Americans; and
        (5) other similar racial minority groups.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-6
"Owned and controlled"
    Sec. 6. As used in this chapter, "owned and controlled" meanshaving:        (1) ownership of at least fifty-one percent (51%) of theenterprise, including corporate stock of a corporation;
        (2) control over the management and being active in the day today operations of the business; and
        (3) an interest in the capital, assets, and profits and losses of thebusiness proportionate to the percentage of ownership.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-7
"Program"
    Sec. 7. As used in this chapter, "program" refers to the small andminority business financial assistance program established by section9 of this chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-8
"Small business"
    Sec. 8. As used in this chapter, "small business" has the meaningset forth in IC 5-22-14-1. The term includes an independently ownedand operated business that is operating under a franchise fromanother business.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-9
Program established; purpose
    Sec. 9. The small and minority business financial assistanceprogram is established to provide loans and loan guarantees underthis chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-10
Duties of corporation
    Sec. 10. The corporation shall do the following:
        (1) Establish and implement the policies and procedures to beused in the administration of this chapter.
        (2) Enter into contracts and guarantee agreements, as necessary,with approved lenders, state governmental agencies,corporations, and United States governmental agencies,including agreements for federal insurance of losses resultingfrom death, default, bankruptcy, or total and permanentdisability of borrowers.
        (3) Establish criteria for awarding loans and loan guaranteesfrom the fund, and require that any loan or loan guarantee underthis chapter be disbursed and repaid in the manner that thecorporation prescribes.
        (4) Accept, use, and disburse federal funds made available tothe corporation by the federal government for the purposesdescribed in this section.
        (5) Take, hold, and administer, on behalf of any loan programand for purposes of this chapter, property and money and the

interest and income derived from the property and money eitherabsolutely or in trust.
        (6) Accept gifts, grants, bequests, devises, and loans forpurposes of this chapter.
        (7) Adopt bylaws to implement this chapter.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-11
Obligation of program not a debt of state; loans from fund notlending of state credit
    Sec. 11. (a) An obligation of the program for losses on loansresulting from death, default, bankruptcy, or total or permanentdisability of borrowers is not a debt of the state but is payable solelyfrom the fund.
    (b) The making of loans from the fund does not constitute thelending of credit by the state for purposes of any other statute or theConstitution of the State of Indiana.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-12
Loans and loan guarantees; conditions
    Sec. 12. From the fund, the corporation shall:
        (1) guarantee loans made by approved lenders upon conditionsprescribed under this chapter to small or minority businesses toassist them in the operation or expansion of their businesses;and
        (2) make loans upon conditions prescribed under this chapter tosmall or minority businesses for the purpose of assisting themin the operation and expansion of their businesses.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-13
Loans; training requirements
    Sec. 13. In making loans from the fund, the corporation shallrequire that the recipients of the loans receive training in businessand financial management skills, including the preparation and filingof state and federal tax returns.
As added by P.L.4-2005, SEC.34.

IC 5-28-20-14
Training consultants; standards; duties
    Sec. 14. (a) The training required by section 13 of this chaptermay be provided by consultants or staff members of the corporation.The corporation shall establish standards for the training.
    (b) The duties of the consultants or staff members are as follows:
        (1) To provide training in business and financial managementtechniques to the recipients of loans under this chapter whendirected by the corporation.
        (2) To oversee the fiscal operations of recipients of loans underthis chapter for at least one (1) year following the receipt of the

loan.
        (3) To provide fiscal management assistance when necessaryfor at least one (1) year following the receipt of the loan,including assisting recipients in filing state and federal taxreturns.
As added by P.L.4-2005, SEC.34.