Ind. Code ch. 5-28-20

Ind. Code ch. 5-28-20
in effect

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.

Ind. Code § 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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/5Fetched: 10/17/2026