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Funds allocated to each regional corporation pursuant to sections 32-271 to 32-284, inclusive, may be used to provide loans for eligible projects. The interest rate on such loans shall be determined by the regional corporation, but in no event shall the interest rate be less than one-half of the prime interest rate. The term of any loan shall not exceed five years. All loans shall be secured by lien positions on collateral at the highest level of priority that can accommodate the borrower's ability to raise sufficient debt and equity capital for the project.
Cite this article: FindLaw.com - Connecticut General Statutes Title 32. Commerce and Economic and Community Development § 32-276. Loans - last updated June 28, 2021 | https://codes.findlaw.com/ct/title-32-commerce-and-economic-and-community-development/ct-gen-st-sect-32-276/
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