Conn. Gen. Stat. § 21a-421i: Revolving loan program.

(a)(1) The Department of Economic and Community Development and the Social Equity Council shall jointly develop and establish:

(A) A revolving loan program for the purposes of subdivision (1) of subsection (b) of section 21a-421h, including (i) requirements for loan eligibility under the program, (ii) an application form and the information and documentation required to be submitted with such application, (iii) the terms of the loans to be offered, including the rates of interest to be charged and the length of the loans, (iv) a plan for publicizing and marketing the program, and (v) any other requirements necessary to implement the program; and

(B) Application forms, applicant requirements and any other provisions the department and the council deem necessary for the purposes of subdivisions (2) to (4), inclusive, of subsection (b) of section 21a-421h.

(2) The department and the council shall post on the Internet web sites of the Department of Economic and Community Development and the Department of Consumer Protection information concerning the loan program and other available funding under this section.

(b) (1) The Department of Economic and Community Development and the Social Equity Council shall approve or deny an application described in subdivision (1) of subsection (a) of this section not later than one hundred twenty days after the department and the council receive a completed application form and all information and documentation required to be submitted with such application form.

(2) If the department and the council deny an application as set forth in subdivision (1) of this subsection, the applicant may reapply without prejudice by submitting a new application as set forth in subdivision (1) of subsection (a) of this section.