Section 17-31ee-3 - EligibilityIn order to participate in this loan program the applicant corporation shall satisfy the Department that:
(a) the borrower is a corporation;(b) the loan funds shall be used to directly develop or improve a child care facility which may include planning, site preparation, construction, acquisition or renovation of the facility;(c) the intended and eventual use over the period of the loan of the child care facility shall be primarily for children of employees of the applicant corporation and for children of employees of the municipality in which the facility in Connecticut is located or is to be located;(d) the child care facility or planned child care facility shall meet local zoning requirements and shall comply with all state and local health and safety laws and regulations and, in particular, all such laws and regulations applicable to child care facilities. The facility or planned facility shall be licensable by the Department of Health Services for use as a child care facility; and(e) the borrower shall demonstrate to the satisfaction of the Department that it has sufficient revenues, excluding state grants, and collateral to repay the principal and interest on the loan; and has sufficient financial resources to be able to maintain the operation of the child care facility.Conn. Agencies Regs. § 17-31ee-3
Effective August 28, 1989