Office of the Inspector General Department of the Treasury

State Small Business Credit Initiative: Indiana?s Use of Federal Funds for Other Credit Support Programs Office of the Inspector General Department of the Treasury

Indiana?s Venture Capital Program makes direct investments in high-growth companies through three initiatives, the Indiana High Growth Fund, Indiana Seed Fund Holdings, and the IANF. As of September 30, 2013, Indiana had allocated $21 million of its SSBCI allocation to the Venture Capital Program, of which $9.5 million was allocated to the IANF. As of the same date, the IANF used the SSBCI funds to make 15 investments totaling approximately $2.5 million. Of the $2.5 million invested by the IANF, approximately 32 percent went to the two investments audited. Investment A, approved on July 27, 2012 , totaled $499,986, and Investment B, approved on January 11, 2013, totaled $300,000.