Conn. Agencies Regs. § 32-9q-2 - Eligibility for working capital loans

The department may make working capital loans to any business organization which meets the following criteria:

(1) The business organization has recently completed, has undertaken or is actively planning the acquisition, construction, substantial renovation or expansion of an industrial project in a distressed municipality and such acquisition, construction, renovation or expansion has or is reasonably expected to create new employment in such distressed municipality.

(2) The business organization has provided evidence satisfactory to the commissioner that it shall, concurrently with and in an amount not less than the loan made pursuant to this section, receive from a private financial institution or local development corporation a working capital loan, which shall be used for substantially the same purposes as the loan made pursuant to this section;

(3) The business organization has provided evidence satisfactory to the commissioner that the availability of the loan provided pursuant to this section was an important factor in the decision of such business organization to acquire, construct, substantially renovate or expand such industrial project in such distressed municipality, and such evidence may include evidence that loans on substantially similar terms and conditions were not otherwise available, excepting only the loan referred to in clause (2) of this section.

Notes

Conn. Agencies Regs. § 32-9q-2

Effective August 5, 1980