{"data":{"id":"us-in/ic-5-28-24-4","jurisdiction":"us-in","citation":"IC 5-28-24-4","heading":"Loans to businesses by counties and municipalities; criteria; approval of loans by corporation","body":"Sec. 4. (a) The corporation shall establish criteria to guide counties and municipalities in making loans to businesses.\n(b) The terms of the loans must include provisions stating that:\n(1) loans shall be restricted to enterprises that create new and permanent jobs;\n(2) loans may not exceed the greater of:\n(A) ten percent (10%) of the total investment; or\n(B) two hundred fifty thousand dollars ($250,000); and\n(3) the principal and interest on the loan must be repaid to the county or municipality.\n(c) All loans by a county or municipality under this chapter are subject to approval by the corporation.","path":["TITLE 5. STATE AND LOCAL ADMINISTRATION","ARTICLE 28. INDIANA ECONOMIC DEVELOPMENT CORPORATION","Chapter 24. Investment Incentive Program"],"source_url":"https://iga.in.gov/ic/2026/Title_5.html#5-28-24-4","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-02T16:11:39Z","sha256":"5c65f68443525d783ac101b96f699222d3469e4e7643564452f691d70c13ac03","source_id":"us-in","stale":false,"prev":"us-in/ic-5-28-24-3","next":"us-in/ic-5-28-24-5"},"notice":"GroundRules: Original legal text. Not legal advice."}