Working capital or fixed asset loans to eligible business organizations (Repealed)

(a) The Authority may require the Borrower to provide the Department, as security for the loan, mortgages or security interests in any or all of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property, and may further require the Borrower to have executed and delivered to the Department security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidences of security as and in the form required by the Authority. (b) The term of a fixed asset or working capital loan shall not exceed ten years from the date of disbursement of the loan and shall be repaid on an amortized schedule of periodic payments or upon such other periodic methods of payment of principal and interest as the Authority considers appropriate in the particular circumstances. (c) Disbursement of the loan shall be made at the discretion of the Commissioner in accordance with the provisions of the loan agreement and the instructions of the Authority. (d) The Borrower shall provide evidence satisfactory to the Commissioner that it shall, concurrently with and in an amount not less than the loan made pursuant to this Section, receive a new loan or loans, or new equity capital investment. Such new loan or loans may not include funding from the Naugatuck Valley Revolving Loan Fund.