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.

Terms Used In Indiana Code 5-28-18-10

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • fund: refers to the small business development fund established by section 7 of this chapter. See Indiana Code 5-28-18-2
  • local board: means the:

    Indiana Code 5-28-18-3

  • local pool: includes both a local investment pool established under section 12 of this chapter and a local opportunity pool established under section 13 of this chapter. See Indiana Code 5-28-18-4
(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.

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