HB 1250 Summary

• Appropriates $1,500,000 to the Indiana Economic Development Corporation for the capital access program for the biennium July 1, 2009 through June 30, 2011

• Reduces other appropriations made to the Indiana Economic Development Corporation by $1,500,000 to offset the new capital access program funding

• Allocates up to $250,000 of the appropriation for marketing the capital access program, with remaining funds deposited in a reserve fund to provide capital to small and medium-sized businesses

• Prohibits transfer or reassignment of the appropriated amount to other purposes and allows funds to carry forward to subsequent fiscal years rather than revert to the general fund

• Becomes effective upon passage and is declared an emergency