Indiana § 5-28-17-1 - Powers and duties of corporation

§ 5-28-17-1. Powers and duties of corporation

Sec. 1. (a) The corporation shall do the following to carry out this chapter:

(1) Contribute to the strengthening of the economy of Indiana by encouraging the organization and development of new business enterprises, including technologically oriented enterprises.

(2) Approve and administer loans from the small business development fund established by IC 5-28-18.

(3) Conduct activities for nontraditional entrepreneurs under IC 5-28-18.

(4) Establish and administer the small and minority business financial assistance program under IC 5-28-20.

(5) Assist small businesses in obtaining state and federal tax incentives.

(6) Develop and advertise a means to allow for small businesses and local units of government to report duplicative state reporting requirements through a web page maintained on the corporation's website.

(7) Beginning in 2018, not later than August 31 of each year, report the information received during the previous twelve (12) months under subdivision (6) to the house of representatives' standing committee that is responsible for government reduction.

(8) Operate the Indiana small business development centers.

(9) Maintain, through the small business development centers, a statewide network of public, private, and educational resources to inform, among other things, small businesses of the state and federal programs under which the businesses may obtain financial assistance or realize reduced costs through programs such as the small employer health insurance pooling program under IC 27-8-5-16(8).

(b) The corporation may do the following to carry out this chapter:

(1) Receive money from any source, enter into contracts, and expend money for any activities appropriate to its purpose.

(2) Do all other things necessary or incidental to carrying out the corporation's functions under this chapter.

(3) Establish programs to identify entrepreneurs with marketable ideas and to support the organization and development of new business enterprises, including technologically oriented enterprises.

(4) Conduct conferences and seminars to provide entrepreneurs with access to individuals and organizations with specialized expertise.

(5) Establish a statewide network of public, private, and educational resources to assist the organization and development of new enterprises.

(6) Cooperate with public and private entities, including the Indiana Small Business Development Center Network and the federal government marketing program, in exercising the powers listed in this subsection.

(7) Establish and administer the small and minority business financial assistance program under IC 5-28-20.

(8) Approve and administer loans from the small business development fund established by IC 5-28-18.

(9) Develop and administer programs to support the growth of small businesses.

(10) Coordinate state funded programs that assist the organization and development of new enterprises.

As added by P.L.4-2005, SEC.34. Amended by P.L.56-2009, SEC.3; P.L.87-2011, SEC.3; P.L.133-2012, SEC.44; P.L.187-2014, SEC.13; P.L.139-2017, SEC.3; P.L.237-2017, SEC.24; P.L.86-2018, SEC.22; P.L.1-2025, SEC.72.