IC 5-28-32
    Chapter 32. Business Development Loan Fund

IC 5-28-32-1
"Fund"
    Sec. 1. As used in this chapter, "fund" refers to the businessdevelopment loan fund.
As added by P.L.162-2007, SEC.27.

IC 5-28-32-2
Establishment; purpose
    Sec. 2. The business development loan fund is established. Thefund shall be used by the corporation as a nonlapsing, revolvingfund.
As added by P.L.162-2007, SEC.27.

IC 5-28-32-3
Sources of money
    Sec. 3. The fund consists of the following:
        (1) Money appropriated by the general assembly.
        (2) The repayment proceeds of loans made to businesses fromthe fund.
        (3) Money received from any other source.
As added by P.L.162-2007, SEC.27.

IC 5-28-32-4
Power to make loans
    Sec. 4. Subject to section 5 of this chapter, the corporation maymake a loan from the fund to a business located in Indiana if thecorporation makes a written finding that the loan would accomplishthe purposes of this chapter by enabling the business to carry out aproject or projects that will do any of the following:
        (1) Improve the technological capacity or productivity of thebusiness.
        (2) Enhance the protection of Indiana's environment.
        (3) Permit the business to expand facilities, establish newfacilities, or make site improvements or infrastructureimprovements.
As added by P.L.162-2007, SEC.27.

IC 5-28-32-5
Required loan agreement terms
    Sec. 5. With respect to any loan made under section 4 of thischapter, a loan agreement with the corporation must contain thefollowing terms:
        (1) A requirement that the loan proceeds be used for specifiedpurposes consistent with and in furtherance of the purposes ofthe corporation under this article.
        (2) The term of the loan, which must not be later than fifteen(15) years after the date of the loan.        (3) The repayment schedule.
        (4) The interest rate or rates of the loan, which may includevariations in the rate, but that may not be less than the amountnecessary to cover all expenses of the corporation in making theloan.
        (5) Any other terms and provisions that the corporationrequires.
As added by P.L.162-2007, SEC.27.