Sec. 4. (a) The corporation shall establish criteria to guide counties and municipalities in making loans to businesses. (b) The terms of the loans must include provisions stating that: (1) loans shall be restricted to enterprises that create new and permanent jobs; (2) loans may not exceed the greater of: (A) ten percent (10%) of the total investment; or (B) two hundred fifty thousand dollars ($250,000); and (3) the principal and interest on the loan must be repaid to the county or municipality. (c) All loans by a county or municipality under this chapter are subject to approval by the corporation.
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