Bill > SB01400

This bill requires the Connecticut Health and Educational Facilities Authority (CHEFA) to create a loan program specifically designed to help individuals access child care services. The program will offer low-interest loans with several key parameters: loans can be up to $5,000 for each borrower, with a lifetime maximum borrowing limit of $25,000, and must be used to support child care expenses. Importantly, the loans will include income-based repayment options, which means borrowers can adjust their payment amounts based on their earnings. Individuals interested in obtaining a loan must complete an application with information deemed necessary by CHEFA, and the authority will establish its own underwriting policy and standards to evaluate loan applications. The program is set to become effective on October 1, 2025, with the goal of making child care more financially accessible by providing flexible, affordable financing options for parents and guardians seeking child care services.

Business and Industry

Banking Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01400&which_year=2025