Sec. 32-267. Grants to regional corporations for regional revolving loan funds or participating agreements with small business lending corporations. - Connecticut Statutes

      Sec. 32-267. Grants to regional corporations for regional revolving loan funds or participating agreements with small business lending corporations. The state, acting through the authority, shall provide grants to not more than four regional corporations for the purpose of establishing regional revolving loan funds or entering into participating agreements with small business lending corporations licensed by the Small Business Administration. Any such grant to establish a regional revolving loan fund shall be used by the regional corporation to provide financial assistance to eligible projects upon certification to and acceptance by the authority that such assistance complies with the provisions of sections 32-271 to 32-284, inclusive. The regional corporation may use not more than twenty per cent, not exceeding in the aggregate one hundred thousand dollars, of the amount received as a grant under this section to fund operating expenses of such regional corporation.

      (P.A. 92-236, S. 8, 48; June Sp. Sess. P.A. 99-1, S. 29, 51.)

      History: June Sp. Sess. P.A. 99-1 authorized corporation to use not more than 20%, not exceeding in the aggregate $100,000, of the grant for its operating expenses, effective July 1, 1999.