Vermont Statutes Title 33 Sec. 3522
Terms Used In Vermont Statutes Title 33 Sec. 3522
- Child: means an individual under 13 years of age. See
- Child care facility: means any place or program operated as a business or service on a regular or continuous basis, whether for compensation or not, whose primary function is protection, care, and supervision of children under 16 years of age outside their homes for periods of fewer than 24 hours a day by a person other than a child's own parent, guardian, or relative, as defined by rules adopted by the Department for Children and Families, but not including a kindergarten approved by the State Board of Education. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 3522. Loan program
(a) The State Economic Opportunity Office shall administer a low-interest loan program.
(b) Loans may be made to persons unable to obtain conventional financing for the purpose of establishing or expanding or renovating a child care facility in this State. The terms of the loans shall be determined by the State Economic Opportunity Office, but shall not be made in an amount in excess of $10,000.00 to any single applicant, nor at a rate to exceed eight and one-half percent, simple interest per annum.
(c) A Child Care Facilities Financing Revolving Loan Fund shall be established for the Child Care Facilities Financing Program within the State Economic Opportunity Office of the Agency of Human Services. The Fund shall contain appropriations provided for that purpose and all repayments of principal and interest of loans under this section. Interest earnings may be used for administration of this Program.
(d) The Director of the Office of Economic Opportunity shall establish by rule, the criteria, conditions, and procedures that will be used in administering the provisions of this subchapter. (Added 1987, No. 206 (Adj. Sess.); amended 1995, No. 188 (Adj. Sess.), § 7; 2005, No. 174 (Adj. Sess.), § 113.)