The proposed legislation, General Assembly Raised Bill No. 1400, aims to establish a loan program specifically for child care services, to be administered by the Connecticut Health and Educational Facilities Authority. Under this program, low-interest loans will be available to individuals seeking financial assistance for child care services, with loans capped at $5,000 per borrower and a total borrowing limit of $25,000. The program will also offer income-based repayment options to accommodate borrowers' financial situations.

The bill outlines that applicants must submit their loan applications in a prescribed format, including necessary information as determined by the authority to effectively manage the program. The act is set to take effect on October 1, 2025, and introduces new legal language to current law, while no deletions from existing statutes are specified in the text. The primary purpose of this legislation is to enhance access to financial resources for child care services in Connecticut.