Senate Bill No. 1400 establishes a new program under the Connecticut Health and Educational Facilities Authority (CHEFA) to provide low-interest loans for child care services. The loans will be available in amounts up to $5,000, with a maximum aggregate borrowing limit of $25,000 per borrower. The program aims to assist families in financing child care services and will include income-based repayment options. The authority is responsible for determining the application process and the necessary information required for applicants.

The bill is set to take effect on October 1, 2025, and does not allocate any state funding for the program, meaning its implementation will depend on the availability of funds. The fiscal impact is expected to be minimal, as CHEFA is a self-supporting agency. The bill highlights the need for financial assistance in child care, particularly for the estimated 181,000 children under the age of five in Connecticut, many of whom are in families that may benefit from such loans.