Indiana § 5-28-30-12 - Power to guarantee an unsecured loan
Full text of Indiana Indiana Code § 5-28-30-12 — Power to guarantee an unsecured loan, with citation guidance and answers to common questions.
§ 5-28-30-12. Power to guarantee an unsecured loan
Sec. 12. The corporation may guarantee an unsecured loan for:
(1) working capital purposes, if the corporation determines, under criteria that it establishes, that the loan for working capital:
(A) is for an industrial development project, a mining operation, or an agricultural operation that involves the processing of agricultural products; and
(B) will lead directly to increased production or job creation or retention through sales of products or provision of services to federal, state, or local government, private businesses, or individuals, or through exports to foreign markets; or
(2) capital expenditures, if the corporation determines, under criteria that the corporation establishes, that the loan is for an industrial development project described in section 5(6) of this chapter.
The loan guarantee may not exceed five hundred thousand dollars ($500,000) for any single project or operation, and may be in addition to any other guarantees of the corporation under this chapter. The guarantee terms must include a time limit for working capital loan guarantees that may not exceed eighteen (18) months. However, the guarantees are renewable. A loan guarantee may not exceed eighty percent (80%) of the unpaid principal balance from time to time outstanding of the loan being guaranteed. The corporation may impose any additional terms it considers appropriate for any particular project or operation.
As added by P.L.162-2007, SEC.25. Amended by P.L.10-2019, SEC.36.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 5-28-30-12
What does Indiana Code § 5-28-30-12 cover?
Section 5-28-30-12 ("Power to guarantee an unsecured loan") 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 § 5-28-30-12?
A common citation format is "Indiana Code § 5-28-30-12" (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 § 5-28-30-12 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.