Public Act No. 22-97 Summary

• Board of directors or designated committee must approve or deny financial aid applications recommended by the chief executive officer, with applicants promptly notified of decisions.

• Priority consideration given to defense-dependent businesses or those in municipalities impacted by defense contract cutbacks, especially when converting to non-defense activities.

• Staff authority delegated to approve applications up to $500,000 (increased from $150,000) if total aid in preceding 12 months does not exceed $500,000 and procedures are followed.

• Connecticut Innovations board consists of 17 directors: 9 appointed by Governor (6 with startup/innovation expertise, 3 with financial/business expertise), 4 ex-officio state officials, and 4 appointed by legislative leaders.

• Board members who fail to attend three consecutive meetings or 50% of annual meetings are automatically deemed resigned; vacancies must be filled within 30 days.