CT SB00022

Establishes a small business assistance program allowing the Commissioner of Economic and Community Development to provide direct loans and loan guarantees to businesses employing fewer than 250 people, effective July 1, 2010.

Sets loan guarantee limits of $3 million per business and $75 million aggregate, with direct loan limits of $500,000 per business and $25 million aggregate.

Authorizes the State Bond Commission to issue up to $100 million in bonds to fund the small business assistance program.

Permits the commissioner to transfer funds to the Connecticut Development Authority for loan guarantees and to enter into participation agreements with the authority.

Bonds issued are general obligations of the state backed by full faith and credit, with maturity not exceeding 20 years.