Sec. 23.2. Local buy-out financing assistance

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(a) The UDC, in cooperation with the department, may provide assistance to qualified firms for local buy outs through project loans to fill the financing gap between the equity contribution of the purchaser, secured debt financing provided by other sources, any financial participation by the seller, and the selling price of the firm.
(b) A local buy out must involve transfer of ownership and control of a viable industrial firm to employees, managers or other investors resident in the State.
(c) Only local buy outs which will create or retain substantial numbers of jobs by preventing a closing, partial closing or relocation out-of-state of an industrial firm will be eligible for loans.

                    
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