Lawmakers Approve Cody Loan Bill

Mar 5, 2014

A bill that establishes a new large state loan program and also benefits a Cody business has passed the legislature. 

The House made final touches to the bill that will give a $24-million state loan to Lannett Co. Inc., which is considering a nearly $100 million expansion of its Cody lab.  In final debate, some in the House questioned the state giving such loans.  Evansville Representative Kendall Kroeker says all businesses need loans.

"How come my business can't get one of these loans? Kroeker asked. "And if it's proper for the government to do it for this company, why is it not proper for the government to do it for my company and all the other small businesses out there?"

The House added an amendment that brings the State Treasurer into the process for extra scrutiny of the loan.  The bill goes to the governor for his consideration.