(a) As used in this section, “qualified business” means a Connecticut business, whether for-profit or not-for-profit, employing less than one hundred employees.
(b) The Commissioner of Economic and Community Development shall establish the Connecticut Credit Consortium, which shall be a small business assistance revolving loan program to provide direct loans and lines of credit to qualified businesses. The commissioner shall establish eligibility criteria and guidelines for the program.
(c) As part of the program established pursuant to subsection (b) of this section, the commissioner may make, or cause to be made, direct loans or lines of credit to any qualified businesses, provided the cumulative total of outstanding loans and lines of credit (1) to any business at any time shall not exceed five hundred thousand dollars, and (2) to all businesses at any time shall not exceed fifteen million dollars.
(d) There is established an account to be known as the “small business assistance account” which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. All moneys received in consideration of financial assistance, including payments of principal and interest on any loans, shall be credited to the account. Moneys in the account shall be expended by the Department of Economic and Community Development for the purposes of the small business assistance program established pursuant to subsection (b) of this section.
(e) Loans and lines of credit provided pursuant to subsection (b) of this section shall be exempt from the provisions of sections 32-5a and 32-222 to 32-234, inclusive.
(P.A. 10-75, S. 6; P.A. 11-104, S. 4; 11-140, S. 25.)
History: P.A. 10-75 effective July 1, 2010; P.A. 11-104 amended Subsec. (d) by deleting provisions re repayments credited to fund and re carry forward of account balance, effective July 8, 2011; P.A. 11-140 amended Subsec. (a) to redefine “qualified business” as one with less than 100, rather than 50, employees, effective July 8, 2011.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 578 - Department of Economic and Community Development
Section 32-1a. - Short title: State Commerce Act.
Section 32-1b. - Department of Economic and Community Development established.
Section 32-1c. - Powers and duties of commissioner.
Section 32-1d. - Deputy commissioner, appointment and functions.
Section 32-1e. - Plan for support and promotion of industries using recycled materials.
Section 32-1n. - Reports re funding for economic and industry cluster initiatives.
Section 32-1o. - State economic strategic plan.
Section 32-1p. - Powers and duties re digital media and motion picture activities.
Section 32-1r. - Report on business tax credit and abatement programs.
Section 32-1s. - Powers and duties re culture and tourism.
Section 32-1v. - Small business hotline.
Section 32-2 and 32-2a. - Expenses; director. Bonding of commission members and employees.
Section 32-3. - Duties of department; Connecticut Innovations, Incorporated.
Section 32-4a. - Assistance to Connecticut Economic Resource Center, Incorporated.
Section 32-4b. - State Economic Development Advisory Board.
Section 32-4e. - “Economic cluster” defined.
Section 32-4g. - Economic cluster report by the Commissioner of Economic and Community Development.
Section 32-4h. - Economic cluster bond funds report.
Section 32-4i. - Learn Here, Live Here program.
Section 32-4j. - Connecticut first-time homebuyers account.
Section 32-4k. - Learn Here, Live Here program. Segregation of income taxes.
Section 32-4l. - First five plus program.
Section 32-4o. - Bond authorization for grants.
Section 32-4p. - Requests for proposals and competitive grant program re major projects.
Section 32-4r. - Youth Service Corps grant program.
Section 32-4s. - Local Youth Service Corps program requirements.
Section 32-5b. - Deadlines for approval or disapproval of applications for financial assistance.
Section 32-6. - Connecticut building at Eastern States Exposition.
Section 32-6h. - One-stop business licensing center.
Section 32-6i. - Connecticut Economic Information System Steering Committee.
Section 32-6j. - Assistance of Labor Commissioner in job-training activities.
Section 32-6k. - Impact statements submitted to the Connecticut Transportation Strategy Board.
Section 32-6m. - Promotion of products produced in Connecticut.
Section 32-6n. - Electronic business portal.
Section 32-6u. - Connecticut antiques trail. Promotional program.
Section 32-6w. - Display of temporary signage or flags by business on Connecticut antiques trail.
Section 32-7e. - Regional Economic Development Assistance Revolving Fund.
Section 32-7f. - Economic development grants program.
Section 32-7g. - Small Business Express program.
Section 32-7h. - Small business express assistance account.
Section 32-7n. - Manufacturing Innovation Advisory Board.
Section 32-7p. - Technology Talent Advisory Committee. Membership. Duties. Pilot programs. Report.
Section 32-7q. - Minority Business Initiative Advisory Board. Duties. Membership.
Section 32-7r. - Regional economic development matching grant pilot program.
Section 32-8. - Administration of federal funds.
Section 32-8a. - Registry of electronic commerce and information technology intensive companies.
Section 32-8b. - Cooperative internship program.
Section 32-8c. - Connecticut Young Adult Conservation Corps program. Set-asides. Reports.
Section 32-9. - Right of local redevelopment agencies to contract with federal government.
Section 32-9aa and 32-9bb. - Loans for the repair of dams. Regulations.
Section 32-9c. - Transfer of powers and duties of the Connecticut Development Commission.
Section 32-9d. - Transfer of personnel and properties.
Section 32-9dd. - Transfer of remediated brownfields.
Section 32-9i. - Job incentive grant program for businesses in areas of high unemployment.
Section 32-9k. - Business facilities qualified for job incentive grants.
Section 32-9l. - Determination of grant amounts. Regulations.
Section 32-9n. - Office of Small Business Affairs.
Section 32-9o. - Industrial growth in areas of high unemployment. Legislative determination.
Section 32-9qq. - Business outreach center challenge grants. Eligibility of greenways projects.
Section 32-9tt. - Funding for businesses new to exporting.
Section 32-9u. - Use of North American Industrial Classification codes.
Section 32-9uu. - Program to increase entrepreneurial potential in the inner cities.
Section 32-9vv. - Connecticut Hydrogen-Fuel Cell Coalition.
Section 32-9w. - Evaluation of impact of development project on the environment. Procedure.
Section 32-9ww. - Fuel cell economic development plan. Reports.
Section 32-9xx. - Small Business Advisory Board.
Section 32-9yy. - Connecticut Credit Consortium. Small business assistance account.