Funds allocated to each regional corporation pursuant to sections 32-271 to 32-284, inclusive, may be used to provide loans for eligible projects. The interest rate on such loans shall be determined by the regional corporation, but in no event shall the interest rate be less than one-half of the prime interest rate. The term of any loan shall not exceed five years. All loans shall be secured by lien positions on collateral at the highest level of priority that can accommodate the borrower's ability to raise sufficient debt and equity capital for the project.
(P.A. 92-236, S. 17, 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.