DIGEST OF INTRODUCED BILL
Small business loans. Establishes the small business loan program administered by the Indiana finance authority (IFA). Establishes the small business loan fund. Authorizes the IFA to transfer money in the fund to financial institutions for deposit at reduced interest rates. Requires the financial institution to loan the money to approved small businesses. Provides that the interest rate charged to the small business may not exceed the rate payable to the IFA plus 3%. Provides that the maximum amount that may be deposited for a particular small business loan is $25,000. Provides that at least 50% of the deposits received by a financial institution for a small business loan may not exceed $10,000. Requires an annual report from the entity responsible for carrying out the duties of the Indiana economic development corporation concerning small business development.