Financial assistance from a regional revolving loan fund shall not be made available for:
(1) Projects that would result in the relocation of any business operation from one municipality within the state to another, except when the regional corporation notifies each municipality from which such business operation will be relocated and each municipality agrees to such relocation;
(2) Projects of newspapers, broadcasting or other news media; medical facilities, libraries, community or civic centers; or public infrastructure improvements;
(3) Refinancing any portion of the total project cost or other existing loans or debts of an applicant, except for the purpose of transferring to the employees or to other local interests ownership of a company that would otherwise depart from or cease or substantially reduce operations in the state;
(4) Providing funds, directly or indirectly, for payment, distribution, or as a loan, to owners, partners or shareholders of the applicant enterprise, except as ordinary income for services rendered; and
(5) Retail projects, except where the regional corporation finds there will be an increase in net new permanent jobs.
(P.A. 92-236, S. 19, 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.