IC 5-28-20
Chapter 20. Small and Minority Business Financial Assistance
Program
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 credit
union;
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 the
microenterprise partnership program fund established by
IC 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 from
the 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 an
individual, 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" means
having:
(1) ownership of at least fifty-one percent (51%) of the
enterprise, including corporate stock of a corporation;
(2) control over the management and being active in the day to
day operations of the business; and
(3) an interest in the capital, assets, and profits and losses of the
business 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 and
minority business financial assistance program established by section
9 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 meaning
set forth in IC 5-22-14-1. The term includes an independently owned
and operated business that is operating under a franchise from
another 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 assistance
program is established to provide loans and loan guarantees under
this 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 be
used 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 resulting
from death, default, bankruptcy, or total and permanent
disability of borrowers.
(3) Establish criteria for awarding loans and loan guarantees
from the fund, and require that any loan or loan guarantee under
this chapter be disbursed and repaid in the manner that the
corporation prescribes.
(4) Accept, use, and disburse federal funds made available to
the corporation by the federal government for the purposes
described in this section.
(5) Take, hold, and administer, on behalf of any loan program
and for purposes of this chapter, property and money and the
interest and income derived from the property and money either
absolutely or in trust.
(6) Accept gifts, grants, bequests, devises, and loans for
purposes 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 not
lending of state credit
Sec. 11. (a) An obligation of the program for losses on loans
resulting from death, default, bankruptcy, or total or permanent
disability of borrowers is not a debt of the state but is payable solely
from the fund.
(b) The making of loans from the fund does not constitute the
lending of credit by the state for purposes of any other statute or the
Constitution 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 conditions
prescribed under this chapter to small or minority businesses to
assist them in the operation or expansion of their businesses;
and
(2) make loans upon conditions prescribed under this chapter to
small or minority businesses for the purpose of assisting them
in 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 shall
require that the recipients of the loans receive training in business
and financial management skills, including the preparation and filing
of 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 chapter
may 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 management
techniques to the recipients of loans under this chapter when
directed by the corporation.
(2) To oversee the fiscal operations of recipients of loans under
this chapter for at least one (1) year following the receipt of the
loan.
(3) To provide fiscal management assistance when necessary
for at least one (1) year following the receipt of the loan,
including assisting recipients in filing state and federal tax
returns. As added by P.L.4-2005, SEC.34.
IC 5-28-20
Chapter 20. Small and Minority Business Financial Assistance
Program
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 credit
union;
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 the
microenterprise partnership program fund established by
IC 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 from
the 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 an
individual, 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" means
having:
(1) ownership of at least fifty-one percent (51%) of the
enterprise, including corporate stock of a corporation;
(2) control over the management and being active in the day to
day operations of the business; and
(3) an interest in the capital, assets, and profits and losses of the
business 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 and
minority business financial assistance program established by section
9 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 meaning
set forth in IC 5-22-14-1. The term includes an independently owned
and operated business that is operating under a franchise from
another 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 assistance
program is established to provide loans and loan guarantees under
this 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 be
used 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 resulting
from death, default, bankruptcy, or total and permanent
disability of borrowers.
(3) Establish criteria for awarding loans and loan guarantees
from the fund, and require that any loan or loan guarantee under
this chapter be disbursed and repaid in the manner that the
corporation prescribes.
(4) Accept, use, and disburse federal funds made available to
the corporation by the federal government for the purposes
described in this section.
(5) Take, hold, and administer, on behalf of any loan program
and for purposes of this chapter, property and money and the
interest and income derived from the property and money either
absolutely or in trust.
(6) Accept gifts, grants, bequests, devises, and loans for
purposes 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 not
lending of state credit
Sec. 11. (a) An obligation of the program for losses on loans
resulting from death, default, bankruptcy, or total or permanent
disability of borrowers is not a debt of the state but is payable solely
from the fund.
(b) The making of loans from the fund does not constitute the
lending of credit by the state for purposes of any other statute or the
Constitution 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 conditions
prescribed under this chapter to small or minority businesses to
assist them in the operation or expansion of their businesses;
and
(2) make loans upon conditions prescribed under this chapter to
small or minority businesses for the purpose of assisting them
in 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 shall
require that the recipients of the loans receive training in business
and financial management skills, including the preparation and filing
of 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 chapter
may 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 management
techniques to the recipients of loans under this chapter when
directed by the corporation.
(2) To oversee the fiscal operations of recipients of loans under
this chapter for at least one (1) year following the receipt of the
loan.
(3) To provide fiscal management assistance when necessary
for at least one (1) year following the receipt of the loan,
including assisting recipients in filing state and federal tax
returns. As added by P.L.4-2005, SEC.34.
IC 5-28-20
Chapter 20. Small and Minority Business Financial Assistance
Program
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 credit
union;
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 the
microenterprise partnership program fund established by
IC 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 from
the 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 an
individual, 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" means
having:
(1) ownership of at least fifty-one percent (51%) of the
enterprise, including corporate stock of a corporation;
(2) control over the management and being active in the day to
day operations of the business; and
(3) an interest in the capital, assets, and profits and losses of the
business 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 and
minority business financial assistance program established by section
9 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 meaning
set forth in IC 5-22-14-1. The term includes an independently owned
and operated business that is operating under a franchise from
another 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 assistance
program is established to provide loans and loan guarantees under
this 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 be
used 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 resulting
from death, default, bankruptcy, or total and permanent
disability of borrowers.
(3) Establish criteria for awarding loans and loan guarantees
from the fund, and require that any loan or loan guarantee under
this chapter be disbursed and repaid in the manner that the
corporation prescribes.
(4) Accept, use, and disburse federal funds made available to
the corporation by the federal government for the purposes
described in this section.
(5) Take, hold, and administer, on behalf of any loan program
and for purposes of this chapter, property and money and the
interest and income derived from the property and money either
absolutely or in trust.
(6) Accept gifts, grants, bequests, devises, and loans for
purposes 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 not
lending of state credit
Sec. 11. (a) An obligation of the program for losses on loans
resulting from death, default, bankruptcy, or total or permanent
disability of borrowers is not a debt of the state but is payable solely
from the fund.
(b) The making of loans from the fund does not constitute the
lending of credit by the state for purposes of any other statute or the
Constitution 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 conditions
prescribed under this chapter to small or minority businesses to
assist them in the operation or expansion of their businesses;
and
(2) make loans upon conditions prescribed under this chapter to
small or minority businesses for the purpose of assisting them
in 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 shall
require that the recipients of the loans receive training in business
and financial management skills, including the preparation and filing
of 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 chapter
may 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 management
techniques to the recipients of loans under this chapter when
directed by the corporation.
(2) To oversee the fiscal operations of recipients of loans under
this chapter for at least one (1) year following the receipt of the
loan.
(3) To provide fiscal management assistance when necessary
for at least one (1) year following the receipt of the loan,
including assisting recipients in filing state and federal tax
returns. As added by P.L.4-2005, SEC.34.
