CT HB05276

Repeals and replaces Section 32-41x of the general statutes, effective October 1, 2014, to expand the preseed financing program administered by Connecticut Innovations, Incorporated.

Changes eligibility criteria from "Connecticut businesses" to "eligible businesses" and removes the requirement to be principally located in Connecticut.

Allows Connecticut Innovations to award supplemental financial assistance to businesses at least two months after an initial award, with supplemental awards up to $200,000 (compared to the initial $150,000 cap).

Establishes lower private investment matching requirement for supplemental funding at 10 cents per dollar (versus 50 cents per dollar for initial awards) and maintains the 75 percent Connecticut employee threshold for both initial and supplemental awards.

Permits Connecticut Innovations to contract with nonprofit corporations to operate the preseed financing program under Chapter 55a authority.