The state, acting through the corporation, shall provide grants to not more than four regional corporations for the purpose of establishing regional revolving loan funds or entering into participating agreements with small business lending corporations licensed by the Small Business Administration. Any such grant to establish a regional revolving loan fund shall be used by the regional corporation to provide financial assistance to eligible projects upon certification to and acceptance by the corporation that such assistance complies with the provisions of sections 32-271 to 32-284, inclusive. The regional corporation may use not more than twenty per cent, not exceeding in the aggregate one hundred thousand dollars, of the amount received as a grant under this section to fund operating expenses of such regional corporation.
(P.A. 92-236, S. 8, 48; June Sp. Sess. P.A. 99-1, S. 29, 51; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: June Sp. Sess. P.A. 99-1 authorized corporation to use not more than 20%, not exceeding in the aggregate $100,000, of the grant for its operating expenses, effective July 1, 1999; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 588n - Credit, Jobs, Capital Investment and Tax Incremental Financing Programs
Section 32-260. - Legislative finding.
Section 32-261. - Guarantees of loans and other investments.
Section 32-262. - Bond authorization.
Section 32-263. - Small and medium-sized business line of credit program.
Section 32-264. - Bond authorization.
Section 32-266. - Definitions.
Section 32-268. - Eligibility.
Section 32-269. - Applications.
Section 32-270. - Selection of regional corporations.
Section 32-271. - Grants to be used for job creation or retention.
Section 32-273. - Conflict of interest prohibited.
Section 32-274. - Priorities for financial assistance provided by regional corporations.
Section 32-275. - Working capital loan guarantees.
Section 32-277. - Conditions for financial assistance.
Section 32-278. - Restrictions.
Section 32-280. - Written procedures.
Section 32-281. - Positions opened as a result of assistance.
Section 32-282. - Audits of regional corporations receiving grants.
Section 32-283. - Reports by regional corporations.
Section 32-284. - Bond authorization.
Section 32-285a. - Community Investment Fund 2030 Board. Bond authorization. Report.
Section 32-290. - Financial assistance for entrepreneurial development of low-income persons.
Section 32-290a. - Entrepreneurial training program.