CT SB01175

Establishes a matching grant program administered by Connecticut Innovations, Incorporated for small businesses that have received federal Small Business Innovation Research Program (SBIR) funds, with individual grants up to $250,000.

Defines "small business" as any for-profit business entity employing 500 or fewer employees, including subsidiaries and affiliated corporations.

Permits grant recipients to use matching funds for the same purposes as their federal SBIR awards and requires applications to include principal business location, intended use of funds, and other information deemed necessary by the corporation.

Directs the corporation to consider the small business innovation research project description and evidence of satisfactory SBIR program participation when selecting grant recipients, and requires adoption of written procedures for program administration.

Appropriates $5 million from the Economic Assistance Revolving Fund to the Department of Economic and Community Development for fiscal year ending June 30, 2012, to fund the matching grants program, effective July 1, 2011.