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May 6, 2015 by Windham Chamber

Manufacturing Innovation Fund

In 2014, the Connecticut Legislature passed PA 14-98 approving a $30 million Connecticut Manufacturing Innovation Fund (Fund) to be administered by the Department of Economic and Community Development (DECD) along with the advice and counsel of an 11 member advisory board.  The Fund is targeting financial assistance to support the growth, innovation and progress of Connecticut’s advanced manufacturing sector.  It will assist manufacturers with equipment, research and development, and training.  The Fund 1) encourages company/university research efforts; 2) creates a voucher program to assist with business development and technical needs;  3) provides funding for access to training and educational programs that help develop the required workforce skills; 4) provides matching funds for federal grants; and 5) helps attract new manufacturers to the state.

 

Mission

Create a center for manufacturing innovation excellence

Help manufacturers adapt innovative processes, technologies, and materials, creating value-added products/services that transform the business

Strengthen the supply chain network

Assist supply chain companies to gain more work from Original Equipment Manufacturers in domestic and global markets; ensure they are equipped to meet expected demand increases

Ensure continuous workforce development

With education/training partners, continue to assure Connecticut has a productive, flexible, and well-trained labor pool with competitive skills

Investment Focus

Precision Manufacturing

Transformation of manufacturing infrastructure through R&D efforts

Training and education to help ensure that Connecticut’s manufacturing industries are competitive on a global basis

Special support of companies in Designated Communities

Leveraging funds from both the private sector and the federal government

Type of Assistance

Loans and/or grants

Connecticut Manufacturing Innovation Fund Voucher Program (MVP)

Connecticut Manufacturing Innovation Fund Incumbent Worker Training (IWT)

Eligible Applicants

An aerospace, medical device or other company or nonprofit organization specializing in or providing technologically advanced commercial products or services

A state or federally certified education and training program designed to meet an anticipated demand for appropriately skilled and trained workers

An entity desiring to leverage federal grant funds to support advancement in manufacturing

Requirements

An applicant must operate in Connecticut or propose to relocate operations; and

Assistance in the form of loans/grants must be matched by non-state sources; and

The return on the investment must follow the objectives for job growth and leveraging investment opportunities.

Eligible Expenditures

Develop and/or modernize manufacturing equipment

Support technological advancements in manufacturing

Encourage advanced manufacturing research and development

Assist in expansion

Train the workforce

Attract new manufacturers to the state

Sponsor education

Match federal grant funds

As allowed under the Voucher Program

Approval Process

 

The applicants will go through an approval process that will include:

Due diligence

Evaluation

Award

Advisory Board

Catherine H. Smith, Chairman

Commissioner, Department of Economic and Community Development

 

Donald Balducci, Sr. Advisor of Manufacturing

Connecticut Center for Advanced Technology, Inc.

 

Colin Cooper, President

Whitcraft Group LLC

 

Beverlee Dacey, President

Amodex Products, Inc.

 

Chris DiPentima, President

Pegasus Manufacturing

 

Danny DiPerna, Senior Vice President and Operations

Pratt & Whitney

 

John Harrity, Director

GrowJobsCT

 

Todd Pihl, General Manager

Web Industries, Inc.

 

John Zoldy, President

HDB Inc.

Filed Under: Member News

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Windham Region Chamber of Commerce
1320 Main St., Suite 27
Willimantic CT 06226
Phone: (860) 428-7739

info@windhamchamber.com

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