(a) As used in this section and section 8-240l, “low and moderate income individuals” means individuals earning not more than the state median income, as determined by the United States Department of Housing and Urban Development. The state, acting by and through the Secretary of the Office of Policy and Management, in conjunction with other […]
(a) The entity created pursuant to subsection (b) of section 8-240k shall be governed by a state-wide board of directors appointed as follows: Five members shall be representatives of relevant state agencies and quasi-public agencies, appointed by the Governor; one member shall be appointed by each investor who has committed an amount of money to […]
(a) The state, acting by and through the Commissioner of Economic and Community Development, may provide financial assistance, including, without limitation, financial assistance in the form of grants, loans and the purchase of capital stock, for the program established pursuant to subsection (a) of section 8-240k, upon the execution of a financial assistance agreement containing […]
On or before the second Wednesday after the convening of each regular session of the General Assembly, beginning with the 1995 regular session, the entity created pursuant to subsection (b) of section 8-240k shall submit a report to the joint standing committee of the General Assembly having cognizance of matters relating to local economic development […]
As used in sections 8-240p to 8-240s, inclusive, and 32-235: (1) “Community Economic Development Fund” means the entity established pursuant to subsection (b) of section 8-240k to accomplish the community economic development program; (2) “Microenterprise” means any business, new or existing, with ten or fewer employees and annual gross revenues of less than five hundred […]
There is established a pilot microloan program for microenterprises under which the Commissioner of Economic and Community Development shall make grants to the Community Economic Development Fund or any other regional revolving loan programs within the state. Said fund shall use such grants to support the growth and development of microenterprises. (P.A. 06-166, S. 2; […]
The grants provided under section 8-240p shall be used to: (1) Identify appropriate microloan applicants state-wide; (2) Evaluate the need for a prospective microloan applicant's business in the community in which the microenterprise is or would be located; (3) Evaluate community support for a prospective microloan applicant's business in the community in which the microenterprise […]
The Community Economic Development Fund or any other regional revolving loan programs within the state shall consider the following criteria in making a grant to a microloan generating organization: (1) Sources and sufficiency of operating funds for the microloan generating organization; (2) The ability of the microloan generating organization to provide the services required under […]
Not later than June 30, 2007, the Community Economic Development Fund shall submit a report, in accordance with section 11-4a, on the status and results of sections 8-240o to 8-240q, inclusive, to the joint standing committee of the General Assembly having cognizance of matters relating to economic development. (P.A. 06-166, S. 5.) History: P.A. 06-166 […]
