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.