CT SB01243

State Bond Commission authorized to issue up to $15 million in bonds, effective July 1, 2023, with proceeds used by the Department of Economic and Community Development to provide grants-in-aid to business and industrial development corporations.

Eligible organizations must provide financing assistance and management assistance to minority-owned and women-owned small businesses serving underserved or minority communities, plus education and training and collaborative economic development efforts.

Grant recipients may use up to 10 percent of grant funds for operational costs and to establish loan loss reserve funds.

Individual applicants or corporations cannot receive more than $5 million in aggregate under this section.

Bonds are general obligations of Connecticut backed by the full faith and credit of the state, with principal and interest payments guaranteed by appropriation and the State Treasurer, with maturity periods not exceeding 20 years.