Sec. 32-276. Loans.
Sec. 32-276. Loans. Funds allocated to each regional corporation pursuant to sections 32-271 to 32-284, inclusive, may be used to provide loans for eligible projects.
The interest rate on such loans shall be determined by the regional corporation, but in
no event shall the interest rate be less than one-half of the prime interest rate. The term
of any loan shall not exceed five years. All loans shall be secured by lien positions on
collateral at the highest level of priority that can accommodate the borrower's ability
to raise sufficient debt and equity capital for the project.
(P.A. 92-236, S. 17, 48.)