Indiana § 5-28-18-7 - Fund established; administration; investment; reversion; audit
Full text of Indiana Indiana Code § 5-28-18-7 — Fund established; administration; investment; reversion; audit, with citation guidance and answers to common questions.
§ 5-28-18-7. Fund established; administration; investment; reversion; audit
Sec. 7. (a) The small business development fund is established within the state treasury. The fund is a revolving fund to:
(1) provide loans approved by the corporation under this chapter and IC 5-28-17; and
(2) provide loans or loan guarantees under the small and minority business financial assistance program established by IC 5-28-20-9.
(b) The fund consists of appropriations from the general assembly and loan repayments.
(c) The corporation shall administer the fund. The following may be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the purposes of this chapter and IC 5-28-20.
(d) Earnings from loans made under this chapter shall be deposited in the fund.
(e) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund.
(f) Money in the fund at the end of a state fiscal year does not revert to the state general fund.
(g) The fund is subject to audit by the state board of accounts. The fund shall bear the full costs of the audit.
(h) With respect to loans or loan guarantees made from the fund before July 1, 2011, references in law or loan documents made to the microenterprise partnership program fund before July 1, 2011, shall be construed after June 30, 2011, as references to the small business development fund.
As added by P.L.4-2005, SEC.34. Amended by P.L.87-2011, SEC.6; P.L.181-2015, SEC.25.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 5-28-18-7
What does Indiana Code § 5-28-18-7 cover?
Section 5-28-18-7 ("Fund established; administration; investment; reversion; audit") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 5-28-18-7?
A common citation format is "Indiana Code § 5-28-18-7" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 5-28-18-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.