(a) Effective July 1, 2015, (1) the Business Environmental Clean-Up Revolving Loan Fund established under § 32-23z and in effect on June 30, 2015, and (2) the Environmental Assistance Revolving Loan Fund established under § 32-23qq and in effect on June 30, 2015, shall be combined with and become part of the Connecticut Growth Fund established under § 32-23v and in effect on June 30, 2015, provided all subfunds established under § 32-23qq shall become subfunds within the Connecticut Growth Fund. As of July 1, 2015, cash, notes, receivables and all other assets, liabilities, appropriations, authorizations, allocations and attributes then pertaining to the Business Environmental Clean-Up Revolving Loan Fund and the Environmental Assistance Revolving Loan Fund shall be transferred to the Connecticut Growth Fund. All loans, guarantees and lines of credit outstanding under sections 32-23z and 32-23qq on June 30, 2015, shall be treated as having been made, committed or extended from the Connecticut Growth Fund established under § 32-23v, and all payments received by the corporation on account thereof shall be credited or deposited to the Connecticut Growth Fund.

(b) On and after July 1, 2015, in addition to, and not in limitation of, the powers of the corporation in making loans from the Connecticut Growth Fund to eligible borrowers under § 32-23v, the corporation may make loans from the Connecticut Growth Fund to any person for any purpose as would have been permitted by, and subject to the same provisions in, § 32-23z or 32-23qq if made from the Business Environmental Clean-Up Revolving Loan Fund or the Environmental Assistance Revolving Loan Fund, respectively. The provisions of subsection (c) of § 32-23v shall not apply to the making of such loans.

(c) All applications for loans under sections 32-23z and 32-23qq pending on June 30, 2015, and authorized on or after July 1, 2015, shall be funded from the Connecticut Growth Fund established under § 32-23v.