reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 18. Small Business Development Fund › 5-28-18-8. Powers and Duties of Corporation

Sec. 8. (a) The corporation shall perform the following duties:
(1) Establish and implement the policies and procedures to be used by the corporation in the administration of the fund.
(2) Subject to section 10 of this chapter, establish criteria for awarding loans from the fund.
(3) Review and approve or disapprove applications for loans from the fund.
(4) Establish the terms of loans from the fund, which must include the conditions set forth in section 11 of this chapter.
(5) Award the loans approved under this chapter.
(6) Provide the staff and other resources necessary to implement this chapter.
(7) Prepare and distribute to appropriate entities throughout Indiana requests for proposals for the organization and operation of local pools.
(8) Conduct conferences and seminars concerning the fund.
(b) The corporation may enter into contracts necessary for the administration of this chapter, including contracts for servicing loans from the fund.
As added by P.L.4-2005, SEC.34. Amended by P.L.133-2012, SEC.45.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 18. Small Business Development Fund › 5-28-18-9. Loan Application; Requirements

Sec. 9. A local board may apply for a loan from the fund. A local board's application for a loan must include the following information:
(1) The total amount of the loan requested from the fund.
(2) The total amount of matching funds to be provided from the local pool operated by the local board and the sources of those matching funds.
(3) A detailed description of the local pool, including its investment criteria.
(4) The impact of the proposed loan on job production in the area served by the local pool.
(5) Any other information requested by the corporation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 18. Small Business Development Fund › 5-28-18-10. Loan Award Criteria

Sec. 10. The corporation's criteria for awarding loans from the fund to a local board must include the following factors:
(1) The extent to which local financial institutions invest and participate in the local pool.
(2) The extent to which the local pool is used as a secondary source of financing that complements conventional financing provided by existing financial institutions.
(3) The local board's knowledge of successful business practices.
(4) The extent to which the local board will target the proceeds of the loan toward nontraditional entrepreneurs.
(5) The extent to which the local board intends to use the loan proceeds for investment in debt, equity, debt with equity attributes, or other forms of creative financing.
(6) The extent to which the local board's proposed program will encourage clustering of small business programs through proximity to small business incubators and other sources of small business assistance and technology transfer.
(7) Other criteria established by the corporation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 18. Small Business Development Fund › 5-28-18-11. Loan Conditions

Sec. 11. A loan from the fund to a local board is subject to the following conditions:
(1) The local board may use the loan from the fund only to make and service grants, equity investments, loans, and loan guarantees to persons who are establishing or operating businesses in Indiana. However, the local board may not spend any part of the loan from the fund to defray the expenses of servicing grants, loans, and loan guarantees unless that expenditure is specifically authorized in the loan agreement with the corporation.
(2) The term of the loan may not exceed twenty (20) years.
(3) The loan must require the local board to provide matching funds in an amount determined by the corporation. However, the total of the loan plus the matching funds must be at least:
(A) one million dollars ($1,000,000) for a local investment pool established under section 12 of this chapter; or
(B) five hundred thousand dollars ($500,000) for a local opportunity pool established under section 13 of this chapter.
(4) The corporation may forgive or defer payment of all or part of the interest and principal on the loan.
(5) The loan agreement must require the local board, through its staff or consultants, to perform the following duties with respect to recipients of financial assistance from the local pool:
(A) Provide training in business and financial management techniques.
(B) Oversee the fiscal operations of the recipients of financial assistance for at least one (1) year following the receipt of that assistance.
(C) Provide fiscal management assistance to recipients of financial assistance when necessary for at least one (1) year following the receipt of the assistance, including assistance in the preparation and filing of federal and state tax returns.
(6) The local board must make a report concerning the local pool to the corporation before September 1 of each year. The report must include detailed information concerning the structure, operation, and financial condition of the local pool.
(7) Any other conditions that the corporation considers appropriate.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 18. Small Business Development Fund › 5-28-18-12. "Eligible Entity"; Establishment of Local Investment Pool; Requirements of Articles of Incorporation or Bylaws

Sec. 12. (a) As used in this section, "eligible entity" means any partnership, unincorporated association, corporation, or limited liability company, whether or not operated for profit, that is established for the purpose of establishing a local investment pool.
(b) A local investment pool may be established only by an eligible entity. A political subdivision may participate in the establishment of an eligible entity but may not be the sole member of the eligible entity.
(c) The articles of incorporation or bylaws of the eligible entity, as appropriate, must provide the following:
(1) The exclusive purpose of the eligible entity is to establish a local investment pool to:
(A) attract private equity investment to provide grants, equity investments, loans, and loan guarantees for the establishment or operation of businesses in Indiana; and
(B) provide a low to moderate rate of return to investors in the short term, with higher rates of return in the long term.
(2) The governing body of the eligible entity must include:
(A) persons who are qualified by professional background and business experience to make sound financial and investment decisions in the private sector; and
(B) representatives of nontraditional entrepreneurs.
(3) The eligible entity may receive funds from:
(A) equity investors;
(B) grants and loans from local units of government;
(C) grants and loans from the federal government;
(D) donations; and
(E) loans from the fund.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 18. Small Business Development Fund › 5-28-18-13. Establishment of Local Opportunity Pool; Requirements of Articles of Incorporation or Bylaws

Sec. 13. (a) A local opportunity pool may be established only by a nonprofit corporation or a for-profit corporation established for that purpose. A political subdivision may participate in the establishment of such a corporation but may not be the sole member of the corporation.
(b) The articles of incorporation or bylaws of a corporation described in subsection (a), as appropriate, must provide the following:
(1) The exclusive purpose of the corporation described in subsection (a) is to establish a local opportunity pool to:
(A) attract sources of funding other than private equity investment to provide grants, loans, and loan guarantees for the establishment or operation of nontraditional entrepreneurial endeavors in Indiana; and
(B) enter into financing agreements that seek the return of the principal amounts advanced by the pool, with the potential for a greater return.
(2) The board of directors of the corporation described in subsection (a) must include:
(A) persons who are actively engaged in Indiana in private enterprise, organized labor, or state or local governmental agencies and who are qualified by professional background and business experience to make sound financial and investment decisions in the private sector; and
(B) representatives of nontraditional entrepreneurs.
(3) The corporation described in subsection (a) may receive funds from:
(A) philanthropic foundations;
(B) grants and loans from local units of government;
(C) grants and loans from the federal government;
(D) donations;
(E) bequests; and
(F) loans from the fund.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 18. Small Business Development Fund › 5-28-18-14. Loans Not Lending of State Credit

Sec. 14. 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 5-28-20-2. "Fund"

Sec. 2. As used in this chapter, "fund" refers to the small business development fund established by IC 5-28-18-7.
As added by P.L.4-2005, SEC.34. Amended by P.L.87-2011, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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:
(1) an independently owned and operated business that is operating under a franchise from another business; and
(2) a veteran owned small business (as defined in IC 4-13-16.5-1).
As added by P.L.4-2005, SEC.34. Amended by P.L.15-2020, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 20. Small and Minority Business Financial Assistance Program › 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.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-1. "Economically Disadvantaged Area"

Sec. 1. As used in this chapter, "economically disadvantaged area" has the meaning set forth in IC 6-3.1-9-1.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-3. "Incubator"

Sec. 3. As used in this chapter, "incubator" means a facility in which space may be leased by a tenant and in which management provides access to business development services for use by tenants.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-4. "Sponsor"

Sec. 4. As used in this chapter, "sponsor" means an organization that enters into a written agreement with the corporation to:
(1) establish, operate, and administer a small business incubator; or
(2) provide funding to an organization that operates a small business incubator.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-5. "Tenant"

Sec. 5. As used in this chapter, "tenant" means a sole proprietorship, partnership, limited liability company, or corporation operating a business and occupying space in an incubator.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-6. Establishment of Fund; Purpose; Repayments of Loans; Nonreversion

Sec. 6. (a) The small business incubator fund is established within the state treasury. The fund is a revolving fund. The fund shall be used to provide grants, loans, and loan guarantees under this chapter.
(b) The fund consists of appropriations from the general assembly and loan repayments.
(c) The corporation shall administer the fund. The following may be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter.
(d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund.
(e) Repayments of loans from the fund, including interest, shall be deposited in the fund.
(f) Money in the fund at the end of a state fiscal year does not revert to the state general fund.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-7. Application for Grant, Loan, or Loan Guarantee; Requirements

Sec. 7. A political subdivision (as defined in IC 36-1-2-13), a nonprofit organization, or a for-profit organization may submit an application to the corporation to obtain a grant, loan, or loan guarantee to establish a small business incubator. The application must:
(1) describe the facility that is to be converted to an incubator;
(2) specify the cost of the conversion;
(3) demonstrate the ability of the applicant to directly provide or arrange for the provision of business development services (including financial consulting assistance, management and marketing assistance, and physical services) for tenants of the incubator;
(4) demonstrate a potential for sustained use of the incubator by eligible tenants through a market study or other means;
(5) demonstrate the ability of the applicant to operate the incubator in accordance with section 19 of this chapter;
(6) state that the applicant will not discriminate against an employee or applicant for employment on the basis of race, religion, color, national origin, sex, or age; and
(7) include any other information required by the corporation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-8. Award of Grants, Loans, and Loan Guarantees; Criteria

Sec. 8. The corporation shall award grants, loans, and loan guarantees based on the following criteria:
(1) The ability of the applicant to comply with section 19 of this chapter.
(2) The economic impact of the incubator on the community.
(3) Conformance with any areawide and local economic development plans.
(4) The location of the incubator, in order to encourage geographic distribution of incubators throughout Indiana.
(5) Other criteria established by the corporation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-9. Use of Grants and Loans

Sec. 9. Grants and loans awarded or guaranteed under this chapter may be used only for the following purposes, when necessary for the creation and operation of an incubator:
(1) The acquisition and leasing of land and existing buildings.
(2) The construction or rehabilitation of buildings or other facilities.
(3) The purchase of equipment and furnishings.
(4) The payment of operating expenses of the incubator during the first twenty-four (24) months of its operation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-10. Grant Amount Limits

Sec. 10. A grant under this chapter may not exceed the lesser of:
(1) fifty percent (50%) of the total eligible project costs; or
(2) two hundred fifty thousand dollars ($250,000).
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-12. Loan or Loan Guarantee Amount Limits

Sec. 12. A loan or loan guarantee under this chapter may not exceed the lesser of:
(1) fifty percent (50%) of the total eligible project costs; or
(2) five hundred thousand dollars ($500,000).
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-13. Combined Grant and Loan or Loan Guarantee Amount Limits

Sec. 13. An applicant may apply for both a grant and a loan or loan guarantee, but the combined grant and loan or loan guarantee may not exceed five hundred thousand dollars ($500,000).
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-14. Loan Security

Sec. 14. (a) A loan under this chapter must be secured by liens on collateral at the highest level of priority that can accommodate the borrower's ability to raise sufficient debt and equity capital.
(b) A financial institution holding an obligation that is guaranteed under this chapter must adequately secure the obligation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-15. Leased Facilities; Conditions

Sec. 15. A grant, loan, or loan guarantee for an incubator in a facility that is leased may be made only if the applicant intends to buy the facility. A loan or loan guarantee must be secured by a leasehold mortgage.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-16. Deferral of Principal and Interest

Sec. 16. The corporation may defer payment of interest and principal on a loan under this chapter for not more than two (2) years.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-17. Loan Interest Rate; Determination

Sec. 17. In order to establish a rate of interest for a loan under this chapter, the corporation shall select a nationally recognized index of municipal bond averages and a date not less than one (1) month nor more than two (2) months before the granting of the loan. The rate of interest on the loan must be one percent (1%) less than the average published on the date closest to the selected date by the selected nationally recognized index, rounded to the next lowest whole percent. The corporation may determine that the rounding down should be to a fraction of a percent that is a multiple of either one-tenth of one percent (0.1%) or one-fourth of one percent (0.25%).
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-18. Loan or Loan Guarantee Time Limits

Sec. 18. A loan or loan guarantee under this chapter may not exceed the lesser of:
(1) ten (10) years; or
(2) the useful life of the property for which the loan is granted or guaranteed, as determined by the United States Department of the Treasury.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-19. Duties of Sponsors or Assistance Recipients

Sec. 19. A sponsor or an organization receiving assistance through a sponsor has the following duties in establishing and operating a small business incubator with assistance under this chapter:
(1) Securing title to the facility or leasing the facility with the intent to secure title.
(2) Managing the physical development of the incubator facility, including the provision of common conference or meeting space.
(3) Furnishing and equipping the facility to provide business services to the tenants.
(4) Marketing the facility and securing eligible tenants.
(5) Providing or arranging for the provision of financial consulting, assistance in accessing private financial markets, and marketing and management assistance services for the tenants.
(6) Establishing rental and service fees.
(7) Encouraging the sharing of ideas among tenants and aiding the tenants in an innovative manner while they are within the incubator.
(8) Establishing policies for the:
(A) acceptance of tenants into the incubator; and
(B) termination of occupancy by tenants.
(9) Encouraging the establishment of small business incubators in economically disadvantaged areas. However, if the small business incubator secures only a loan or loan guarantee under this chapter, this subdivision does not limit the establishment of the small business incubator to economically disadvantaged areas.
(10) Establishing a local advisory committee to assist in the performance of the duties listed in this section. Advisory committee members must represent fields that can contribute to the sound operation of the incubator, such as accounting, finance, law, education, and small business. Advisory committee members may not vote on projects of sponsors or tenants with whom the member is financially affiliated.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-20. Duties of Corporation

Sec. 20. The corporation has the following duties under this chapter:
(1) Making grants, loans, and loan guarantees to sponsors for small business incubators.
(2) Ensuring that sponsors receiving grants, loans, or loan guarantees meet the conditions of this chapter.
(3) Receiving and evaluating annual reports from sponsors. These reports must include a financial statement for the incubator, evidence that all the tenants in the incubator are eligible under the terms of this chapter, a list of tenants in the incubator, and any other information required by the corporation.
(4) Establishing policies to implement this chapter. These policies must include provisions permitting greater flexibility with respect to the establishment and operation of incubators in the areas described in section 19(9) of this chapter, including more flexible tenant policies.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 21. Small Business Incubator Program › 5-28-21-22. Advisory Committees

Sec. 22. The corporation may establish one (1) or more advisory committees to assist the corporation in implementing this chapter. Advisory committee members may not be affiliated financially with a sponsor or tenant and must represent fields that can contribute to the sound operation of the incubator program (such as accounting, finance, law, education, and small business).
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 22. Film Industry Development › 5-28-22-1. Encouragement of Filming in Indiana

Sec. 1. The corporation shall encourage the filming of:
(1) motion pictures at sites in Indiana; and
(2) television shows, commercials, and other audiovisual communications in Indiana.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 22. Film Industry Development › 5-28-22-2. Corporation Duties

Sec. 2. (a) The corporation shall:
(1) establish a close working relationship with film industry representatives in the United States and abroad, if appropriate;
(2) coordinate locational activities in Indiana;
(3) provide liaison activities during actual film production;
(4) perform all appropriate research and background work related to the determination of film industry plans and requirements; and
(5) establish an aggressive promotional and informational effort designed to attract film producers to Indiana.
(b) The corporation and its staff members may work closely with other agencies of state government or with any other individual, institution, or group to accomplish the responsibilities enumerated in subsection (a).
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 23. Business Modernization and Technology › 5-28-23-1. Powers and Duties of Corporation

Sec. 1. (a) The corporation shall contribute to the strengthening of the economy of Indiana through the development of science and technology and to promote the modernization of Indiana businesses by supporting the transfer of science, technology, and quality improvement methods to the workplace.
(b) The corporation may do the following:
(1) Receive money from any source, borrow money, enter into contracts, and expend money for activities appropriate to its purpose under this chapter.
(2) Do things necessary or incidental to carrying out the functions listed in this chapter.
(3) Establish a statewide business modernization network to assist Indiana businesses in identifying ways to increase productivity and market competitiveness.
(4) Identify scientific and technological problems and opportunities related to the economy of Indiana and formulate proposals to overcome those problems or realize those opportunities.
(5) Identify specific areas in which scientific research and technological investigation will contribute to the improvement of productivity of Indiana manufacturers and farmers.
(6) Determine specific areas in which financial investment in scientific and technological research and development from private businesses located in Indiana could be improved or increased if state resources were made available to assist in financing activities.
(7) Assist in establishing cooperative associations of postsecondary educational institutions in Indiana and of private enterprises to coordinate research and development programs that will, consistent with the primary educational function of the postsecondary educational institutions, aid in the creation of new jobs in Indiana.
(8) Assist in financing the establishment and continued development of technology intensive businesses in Indiana.
(9) Advise postsecondary educational institutions of the research needs of Indiana businesses and improve the exchange of scientific and technological information for the mutual benefit of postsecondary educational institutions and private businesses.
(10) Coordinate programs established by postsecondary educational institutions to provide Indiana businesses with scientific and technological information.
(11) Establish programs in scientific education that will support the accelerated development of technology intensive businesses in Indiana.
(12) Provide financial assistance through contracts, grants, and loans to programs of scientific and technological research and development.
(13) Determine how state educational institutions can increase income derived from the sale or licensure of products or processes having commercial value that are developed as a result of state educational institution sponsored research programs.
As added by P.L.4-2005, SEC.34. Amended by P.L.2-2007, SEC.110; P.L.133-2012, SEC.47.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 23. Business Modernization and Technology › 5-28-23-2. Debts of Business Modernization and Technology Corporation

Sec. 2. Debts incurred by the business modernization and technology corporation under authority of IC 4-3-1 (before its repeal) do not represent or constitute a debt of the state within the meaning of the Constitution of the State of Indiana or Indiana statutes. The corporation may not incur debt under this chapter. However, the corporation shall assume the debt of the business modernization and technology corporation that is outstanding on the date the business modernization and technology corporation is abolished.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 23. Business Modernization and Technology › 5-28-23-3. Consideration of Projects

Sec. 3. The corporation shall consider projects involving the creation of the following:
(1) Markets for products made from recycled materials.
(2) New products made from recycled materials.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 24. Investment Incentive Program › 5-28-24-2. Establishment by Corporation; Purpose

Sec. 2. The corporation shall establish policies to carry out an investment incentive program. The purpose of the program is to provide grants and loans to counties and municipalities that will, in turn, be loaned to certain new or expanding businesses for construction or for the purchase of real or personal property.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 24. Investment Incentive Program › 5-28-24-3. Award of Grants and Loans to Counties and Municipalities; Criteria

Sec. 3. (a) The corporation shall adopt policies and guidelines to establish the criteria for awarding grants and loans to counties and municipalities.
(b) The criteria for awarding the grants and loans must include the:
(1) economic need of the county or municipality;
(2) impact of the new or expanding business on employment and output in the county or municipality;
(3) importance of state participation to the investment decision;
(4) impact of state assistance to job production in the county or municipality; and
(5) extent of other public and private participation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 24. Investment Incentive Program › 5-28-24-4. Loans to Businesses by Counties and Municipalities; Criteria; Approval of Loans by Corporation

Sec. 4. (a) The corporation shall establish criteria to guide counties and municipalities in making loans to businesses.
(b) The terms of the loans must include provisions stating that:
(1) loans shall be restricted to enterprises that create new and permanent jobs;
(2) loans may not exceed the greater of:
(A) ten percent (10%) of the total investment; or
(B) two hundred fifty thousand dollars ($250,000); and
(3) the principal and interest on the loan must be repaid to the county or municipality.
(c) All loans by a county or municipality under this chapter are subject to approval by the corporation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 24. Investment Incentive Program › 5-28-24-5. Powers of Corporation

Sec. 5. The corporation may:
(1) adopt policies and guidelines to carry out this chapter;
(2) accept money and other things of value from all sources;
(3) provide services and materials to carry out the purposes of the program;
(4) evaluate the program; and
(5) involve other entities, by contract or otherwise, in carrying out the purposes of the program.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 24. Investment Incentive Program › 5-28-24-6. Use of Repayment Proceeds; Corporation Approval

Sec. 6. (a) The repayment proceeds of a loan made from a grant under this chapter shall be used by the county or municipality for any economic or community development activity, including:
(1) making loans to businesses; and
(2) the construction or reconstruction of any street, sewer, or other capital improvement that will promote economic development in the community or the repayment of bonds used to finance the construction or reconstruction.
(b) All uses of repaid loan proceeds by a county or municipality under this chapter are subject to approval by the corporation.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 24. Investment Incentive Program › 5-28-24-7. Grants From State Appropriated Funds

Sec. 7. The corporation may not make a grant from state appropriated funds to a county or municipality under this chapter unless the county or municipality agrees to lend to the new or expanding business an amount greater than or equal to the state grant.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 24. Investment Incentive Program › 5-28-24-8. Loan Not General Obligation of County or Municipality; Determination of Reasonable Assurance of Repayment

Sec. 8. (a) A loan to a county or municipality made under this chapter is not a general obligation of the county or municipality and is payable solely from revenues derived from the new or expanding business.
(b) Before making a loan to a county or municipality, the corporation shall determine that there is reasonable assurance that the loan will be repaid. In making this determination, the corporation shall consider:
(1) the financial condition of the business;
(2) the financial feasibility of the expansion being undertaken by the business;
(3) the adequacy of collateral for the loan; and
(4) any other information that the corporation considers relevant to its determination.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 24. Investment Incentive Program › 5-28-24-9. Establishment and Purpose of Investment Incentive Fund; Administration

Sec. 9. (a) The investment incentive fund is established within the state treasury to provide grants and loans to counties and municipalities.
(b) The fund consists of appropriations from the general assembly and loan repayments.
(c) The corporation shall administer the fund. The following may be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter.
(d) Earnings from loans made under this chapter shall be deposited the fund.
(e) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 25. Industrial Development Grant Fund › 5-28-25-1. "Eligible Entity"

Sec. 1. As used in this chapter, "eligible entity" means:
(1) a city;
(2) a town;
(3) a county;
(4) a special taxing district;
(5) an economic development commission established under IC 36-7-12;
(6) a nonprofit corporation;
(7) a corporation established under IC 23-7-1.1 (before its repeal on August 1, 1991) or IC 23-17 to distribute water for domestic and industrial use;
(8) a regional water, sewage, or solid waste district;
(9) a conservancy district that includes in its purpose the distribution of domestic water or the collection and treatment of waste; or
(10) the Indiana finance authority established by IC 5-1.2-3.
As added by P.L.4-2005, SEC.34. Amended by P.L.235-2005, SEC.94; P.L.189-2018, SEC.46.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 25. Industrial Development Grant Fund › 5-28-25-3. "Industrial Development Program"

Sec. 3. As used in this chapter, "industrial development program" means a program designed to aid economic development in Indiana and includes:
(1) the construction of airports, airport facilities, and tourist attractions;
(2) the construction, extension, or completion of:
(A) sanitary sewerlines, storm sewers, and other related drainage facilities;
(B) waterlines;
(C) roads and streets;
(D) sidewalks;
(E) rail spurs and sidings; and
(F) information and high technology infrastructure (as defined in IC 5-28-9-4);
(3) the leasing, purchase, construction, repair, and rehabilitation of property, both real and personal; and
(4) the preparation of surveys, plans, and specifications for the construction of publicly owned and operated facilities, utilities, and services.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 25. Industrial Development Grant Fund › 5-28-25-4. Fund Established; Powers of Corporation; Administration

Sec. 4. (a) The industrial development grant fund is established within the state treasury. Grants may be made from the fund to eligible entities in accordance with this chapter and the rules adopted under this chapter.
(b) The corporation may receive and accept, for purposes of the fund, grants, gifts, and contributions from public and private sources, including, on behalf of the state, grants from agencies and instrumentalities of the United States.
(c) The fund consists of appropriations from the general assembly.
(d) The corporation shall administer the fund. The following may be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter.
(e) Money in the fund at the end of a state fiscal year does not revert to the state general fund but remains in the fund.
(f) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 25. Industrial Development Grant Fund › 5-28-25-5. Grants; Use of Grants

Sec. 5. (a) The secretary of commerce, subject to the approval of the governor and budget director, may direct the auditor of state to make an approved grant from the fund to an eligible entity.
(b) The money granted must be used by the recipient to institute and administer an approved industrial development program.
As added by P.L.4-2005, SEC.34.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 26. Global Commerce Center Pilot Program › 5-28-26-0.3. Findings Relating to Certain Counties; Legislation Particular to Counties Required

Sec. 0.3. (a) The counties served by the Eastern Indiana Economic Development District comprise an area that:
(1) is at a competitive disadvantage for economic development due to the area's rural character;
(2) faces unique challenges because the area borders another state;
(3) consistently ranks among the highest areas in unemployment in Indiana; and
(4) is served by an interstate highway and rail infrastructure that is well suited for the development of a proposed global commerce center.
(b) These special circumstances require legislation particular to the counties.
As added by P.L.220-2011, SEC.112.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 26. Global Commerce Center Pilot Program › 5-28-26-1. "Base Assessed Value"

Sec. 1. As used in this chapter, "base assessed value" means:
(1) the net assessed value of all the taxable property located in a global commerce center as finally determined for the assessment date immediately preceding the effective date of the allocation provision of a resolution adopted under section 18 of this chapter; plus
(2) to the extent it is not included in subdivision (1), the net assessed value of property that is assessed as residential property under the rules of the department of local government finance, within the global commerce center, as finally determined for the current assessment date.
As added by P.L.203-2005, SEC.2. Amended by P.L.257-2019, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 28. Indiana Economic Development Corporation › Chapter 26. Global Commerce Center Pilot Program › 5-28-26-4. "Hub"

Sec. 4. As used in this chapter, "hub" means a regional economic development project that is:
(1) selected by a district for development as a global commerce center; and
(2) designated as a global commerce center under this chapter.
As added by P.L.203-2005, SEC.2.