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General Assembly Raised Bill No. 1074
January Session, 2019
LCO No. 5854
Referred to Committee on PLANNING AND
DEVELOPMENT
Introduced by:
(PD)
AN ACT CONCERNING EC ONOMIC DEVELOPMENT.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Section 8-240p of the general statutes is repealed and the 1
following is substituted in lieu thereof (Effective October 1, 2019): 2
There is established a pilot microloan program for microenterprises 3
under which the Commissioner of Economic and Com munity 4
Development shall make grants to the Community Economic 5
Development Fund or any other regional revolving loan programs 6
[within the] in this state. Said fund shall use such grants to support the 7
growth and development of microenterprises. 8
Sec. 2. Section 8-240q of the general statutes is repealed and the 9
following is substituted in lieu thereof (Effective October 1, 2019): 10
The grants provided under section 8-240p, as amended by this act, 11
shall be used to: 12
(1) Identify appropriate microloan applicants [state-wide] in this 13
state; 14 Raised Bill No. 1074
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(2) Evaluate the need for a prospective microloan applicant's 15
business in the community in which the microenterprise is or would be 16
located; 17
(3) Evaluate community support for a prospective microloan 18
applicant's business in the community in which the microenterprise is 19
or would be located; 20
(4) Work in conjunction with other community-based nonprofit 21
organizations, state and federal agencies and with the Community 22
Economic Development Fund or any other regional revolving loan 23
programs [within the] in this state to assist prospective microloan 24
applicants in preparing and finalizing business plans; 25
(5) Assist prospective microloan applicants in identifying and 26
accessing other appropriate business resources, including those 27
providing business management training; 28
(6) Track client data, level of service and outcome of services 29
provided; and 30
(7) Promote microenterprises and coordinate the delivery of services 31
by microenterprise support organizations to microenterprises. 32
Sec. 3. Section 8-240r of the general statutes is repealed and the 33
following is substituted in lieu thereof (Effective October 1, 2019): 34
The Community Economic Development Fund or any other 35
regional revolving loan programs [within the] in this state shall 36
consider the following criteria in making a grant to a microloan 37
generating organization: 38
(1) Sources and sufficiency of operating funds for the microloan 39
generating organization; 40
(2) The ability of the microloan generating organization to provide 41
the services required under section 8-240q, as amended by this act; and 42 Raised Bill No. 1074
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(3) The proven ability of the microloan generating organization to 43
identify and prepare successful applicants to economic assistance 44
programs similar to the program established in section 8-240q, as 45
amended by this act. 46
This act shall take effect as follows and shall amend the following
sections:
Section 1 October 1, 2019 8-240p
Sec. 2 October 1, 2019 8-240q
Sec. 3 October 1, 2019 8-240r
PD Joint Favorable