§ 9-A — Financial assistance for small and medium-sized business assistance projects

§ 9-a. Financial assistance for small and medium-sized business\nassistance projects. The corporation may provide loans for small and\nmedium-sized business assistance projects for costs associated with:\n (1) The renovation or rehabilitation of industrial plants that are\neconomically inefficient due to the need for changes in design,\nconstruction, technology or production processes; the renovation or\nrehabilitation of existing facilities for reuse as an industrial\nfacility; the acquisition of real property and related improvements; new\nconstruction; working capital; and the acquisition of modern production\ntechnology, including machinery, equipment and computerized design and\ncontrol systems, required to improve production processes, expand\nexisting or enter new markets, or to otherwise remain competitive. The\ncorporation shall determine the terms and interest rates of such loans,\nexcept that no loan shall exceed fifty percent of project costs, or\nseven hundred fifty thousand dollars, whichever is less, no loan shall\nhave an interest rate lower than three percent, and no loan shall have a\nterm that exceeds the estimated useful life of the asset;\n (2) Site acquisition, construction, renovation or acquisition of\npermanently installed equipment necessary to establish or expand a child\nday care facility located on the work site of the industrial firm\nsponsoring the child day care facility or at a proximate site where a\nconsortia of industrial firms are sponsoring the child day care\nfacility. Such loans shall be made upon a determination by the\ncorporation that such facility is necessary to improve or maintain the\nproductivity of the company or companies. Such loans shall only be made\nfor child day care facilities: (a) that will be used primarily by the\nchildren of employees of the company or companies sponsoring the\nfacility; (b) that will not be operated for profit; (c) that demonstrate\nan ability to obtain, from the appropriate governmental agencies, all\nnecessary approvals and licenses required to operate the facility; and\n(d) that demonstrate an ability to prevent access by children to any\nequipment in facilities which could be injurious to their health or\nsafety. The corporation shall determine the terms and interest rates of\nsuch loans, except that no loan shall exceed sixty percent of project\ncosts, or two hundred fifty thousand dollars, whichever is less, no loan\nshall have an interest rate lower than three percent, and no loan shall\nhave a term longer than ten years.\n