CT SB01074

Establishes a pilot microloan program for microenterprises, with the Commissioner of Economic and Community Development making grants to the Community Economic Development Fund and regional revolving loan programs statewide.

Grants shall be used to identify microloan applicants, evaluate community need and support, coordinate with nonprofit organizations and state/federal agencies, assist with business plan preparation, and provide access to business resources and training.

The Community Economic Development Fund and regional revolving loan programs must consider three criteria when awarding grants: sources and sufficiency of operating funds, ability to provide required services, and proven ability to identify and prepare successful applicants to similar economic assistance programs.

All provisions take effect on October 1, 2019, and amend Connecticut General Statutes sections 8-240p, 8-240q, and 8-240r.