To be eligible for a grant under section 32-267, a regional corporation shall:
(1) Have available to it staff with sufficient expertise to analyze applications for financial assistance, to regularly monitor financial assistance to clients, and have made arrangements to provide management or technical assistance to clients;
(2) Have an effective plan to market its services to small businesses through such entities as chambers of commerce, industry trade associations, banks, local development corporations, community-based organizations and industrial development agencies;
(3) Have established a loan committee composed of five or more persons experienced in commercial lending or in the operation of a for-profit business and a staff person of the regional corporation. Such loan committee shall review every application to the regional corporation for financial assistance pursuant to sections 32-271 to 32-284, inclusive, shall determine the feasibility of the transaction proposed in the application and shall recommend to the board of directors or other governing body of the regional corporation such action as the committee deems appropriate.
(P.A. 92-236, S. 9, 48.)
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.