The funds allocated to each regional corporation under sections 32-271 to 32-284, inclusive, may be used to guarantee the repayment of a working capital loan provided by a banking organization to finance an eligible project. In no event may a loan guarantee be for a term longer than five years. Any loan made by a banking organization that is guaranteed pursuant to sections 32-271 to 32-284, inclusive, shall be secured by a security agreement, chattel paper, loan agreement or such other instruments or documents deemed necessary or convenient by the regional corporation to secure the loan. Any guarantee made pursuant to said sections shall be backed by a minimum reserve account of at least fifty per cent of the amount guaranteed that is outstanding.
(P.A. 92-236, S. 16, 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.