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DIGEST OF INTRODUCED BILL
Low interest loans for small businesses. 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 lend the money to approved small business development projects. 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 development project is $1,000,000. Requires an annual report from the entity responsible for carrying out the duties of the Indiana economic development corporation concerning small business development.