HEA 1192 Summary

• Establishes the Microenterprise Partnership Program Fund within the state treasury, to be administered by the Indiana Housing and Community Development Authority, funded through general assembly appropriations, federal grants, and gifts.

• Creates the Microenterprise Partnership Program to provide grants up to $25,000 to microloan delivery organizations that serve businesses with no more than 5 employees, with at least 50% of microloans not exceeding $10,000.

• Allows grants to be used for matching federal or private grants, establishing revolving loan funds, creating guaranty funds, and covering operating costs (limited to 10% of grant amount).

• Requires state appropriations to be matched with equal funding from non-state sources including private foundations, federal sources, local government, quasi-governmental entities, and commercial lending institutions.

• Transfers the microenterprise partnership program from the Indiana Economic Development Corporation to the Indiana Housing and Community Development Authority, effective July 1, 2011, including related funds, accounting records, and grant files.