Sec. 14. (a) The state board of finance and the corporation shall determine and ascribe to an applicant for a loan a priority rating. The rating must be based primarily on the need of the qualified entity for a proposed program or on the need of the small business investment company or minority enterprise small business investment company for the loan as the need is related to the needs of other applicants for loans.

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Terms Used In Indiana Code 5-28-9-14

  • 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.
  • minority enterprise small business investment company: means an investment company licensed under Indiana Code 5-28-9-5
  • qualified entity: means a city, a town, a county, an economic development commission, or a special taxing district. See Indiana Code 5-28-9-6
  • small business investment company: means an investment company licensed under 15 U. See Indiana Code 5-28-9-7
     (b) The qualified entities, small business investment companies, or minority enterprise small business investment companies with the highest priority rating shall be given first consideration when loans are made under this chapter. The loans shall be made in descending order as shown by the priority ratings.

As added by P.L.4-2005, SEC.34.

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