Raised Bill No. 1243, introduced in the General Assembly during the January Session of 2023, proposes the authorization of state bonds to assist certain minority-owned and women-owned small businesses. The bill, if enacted, would take effect on July 1, 2023, and would empower the State Bond Commission to issue bonds not exceeding a total of fifteen million dollars. The proceeds from the sale of these bonds would be allocated to the Department of Economic and Community Development. The funds are intended to provide grants-in-aid to business and industrial development corporations that focus on financing and management assistance, education and training, and economic development for minority-owned and women-owned small businesses in underserved or minority communities.

The bill specifies that up to ten percent of the grant-in-aid received by a business and industrial development corporation can be used for operational costs and to fund a loan loss reserve fund. Eligibility for these grants-in-aid is extended to applicants for a license under section 36a-628 of the general statutes that meet certain provisions to the Banking Commissioner's satisfaction. However, no single applicant or corporation can receive more than five million dollars in total under this section. The bill also includes provisions for the issuance of temporary notes, the maturity of bonds, and the full faith and credit of the state of Connecticut for the payment of the principal and interest on such bonds. The purpose of the bill is to authorize state bonds for business and industrial development corporations to provide assistance to minority-owned and women-owned small businesses serving or seeking to serve underserved or minority communities. There are no deletions indicated in the provided text.