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;

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Terms Used In Indiana Code 5-28-21-7

  • 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.
  • 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. See Indiana Code 5-28-21-3
(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.

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