CT SB00481

Increases asset threshold for "community banks" and "community credit unions" from one billion to five billion dollars to expand eligibility for state investment programs.

Establishes a mandatory program requiring the State Treasurer to make available up to one hundred million dollars in state operating cash for investment with community banks, community credit unions, and community development financial institutions serving public investment communities.

Prioritizes investments in community development financial institutions serving traditionally underserved areas and incentivizes lending to small businesses, minority-owned businesses, and first-time homeowners in designated public investment communities.

Requires the State Treasurer to establish procedures enabling community banks and credit unions to partner with minority business development entities and to report annually to the Finance, Revenue and Bonding Committee on program deposits and promotional efforts.

Authorizes the Treasurer to establish a loan guarantee program using up to ten million dollars in annual investment earnings to guarantee small business and consumer loans to borrowers who would not otherwise qualify, with a maximum of fifty thousand dollars in guarantees outstanding at any given time.