OLR Bill Analysis

sSB 579

AN ACT PROVIDING FUNDS FOR THE SMALL BUSINESS INCUBATOR PROGRAM.

SUMMARY:

The law requires the Department of Economic and Community Development (DECD) to establish a grant program for entities operating small business incubator facilities, which provide research and other services to assist small technology-based companies. Under current law, DECD may contract with another person or entity to operate the program. This bill expressly requires DECD to provide the grants to the Connecticut Center for Advanced Technology (CCAT) to operate an incubator facility and eliminates DECD's authority to contract with another person or entity to operate the program.

The bill requires CCAT, instead of DECD or a program operator, to provide grants to assist small businesses operating within its incubator facility. The grants continue to be (1) subject to the availability of funds; (2) in accordance with DECD guidelines; and (3) for operating funds and related services, including business plan preparation, financing assistance, and management counseling. The bill eliminates the requirement that entities apply for the grants as the DECD commissioner prescribes.

EFFECTIVE DATE: July 1, 2010

COMMITTEE ACTION

Commerce Committee

Joint Favorable Substitute Change of Reference

Appropriations Committee

Joint Favorable Substitute