(a) There is established an account to be known as the “small business express assistance account” which will be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Repayment of principal and interest on loans shall be credited to such fund and shall become part of the assets of the fund. Moneys in the account shall be expended by the Department of Economic and Community Development for the purposes of the Small Business Express program established pursuant to section 32-7g. Except as provided in subsection (g) of section 32-7g, all moneys received for the purposes of the Small Business Express program and payments of principal and interest on any loans given under said program shall be credited to the account.
(b) Except as provided in subsection (g) of section 32-7g, the Commissioner of Economic and Community Development may provide for the payment of any administrative expenses or other costs incurred by the department or its lender partners in carrying out the purposes of the Small Business Express program not to exceed five per cent of funding from this program from the account established pursuant to subsection (a) of this section, provided one per cent shall be dedicated to develop capacity for capital construction projects for minority business enterprises.
(June 12 Sp. Sess. P.A. 12-1, S. 201; P.A. 13-123, S. 7; June Sp. Sess. P.A. 15-5, S. 407; P.A. 16-128, S. 2.)
History: June 12 Sp. Sess. P.A. 12-1 effective June 15, 2012; P.A. 13-123 made a technical change in Subsec. (a), effective June 18, 2013; June Sp. Sess. P.A. 15-5 amended Subsec. (b) by increasing maximum payment for administrative costs from 4 per cent to 5 per cent and adding provision re 1 per cent to be dedicated to developing capacity for capital construction projects for minority business enterprises, effective July 1, 2015; P.A. 16-128 added “Except as provided in subsection (g) of section 32-7g,” and made conforming changes, effective June 9, 2016.