CT SB00914

Establishes a micro-loan program for veteran-owned businesses, defined as businesses where at least 51% is owned by a wartime veteran actively involved in daily management and operations, with 50 or fewer employees.

Creates the "Micro-Loan Revolving Fund for Veteran-Owned Businesses" to provide interest-free, deferred, or other loans and loan guarantees, with maximum loan amounts of $50,000 and maximum guarantee amounts of 30% of principal.

Commissioner of Economic and Community Development may contract with quasi-public agencies, financial institutions, or nonprofits to administer the program, which must become self-sustaining by July 1, 2012.

Loans must be used for business start-up costs or day-to-day operations only, and cannot be used to refinance existing loans; veterans are in default if they fail to participate in required business management training.

All loan payments and interest are deposited back into the revolving fund; program becomes effective July 1, 2011.