Regulations of Connecticut State Agencies
To be eligible for a loan or loan guarantee:
(1) The borrower must be an Eligible Connecticut Based Manufacturer.
(2) The goods or services being financed must have a Connecticut Content of at least fifty-one percent (51%).
(3) The aggregate principal amount of all loans and loan guarantees issued for any one borrower, together with its affiliates, may not exceed in any twelve consecutive months:
(A) $250,000; or
(B) in the case of a borrower located in a Distressed Municipality, $350,000.
(4) With respect to a loan, the sole purpose of the loan must be to finance export receivables.
(5) With respect to a loan guarantee:
(A) The loan to be guaranteed must be made to the borrower by a financial institution, other than the Authority or other governmental body, which is eligible to do business in Connecticut and considered by the Commissioner and Authority to have a continuing ability to evaluate, perform, and service the loan or credit, to make reports as required by these rules, and to collect the loan if requested by the Authority upon default.
(B) The loan to be guaranteed shall be made only for the purpose of Pre-Export or Post-Export financing.
(Effective May 22, 1987)