DECD: Manufacturing Innovation Fund - fixed

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
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, President
Balducci Associates LLC
 
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.
 
Minutes  from August 13 Manufacturing Innovation Fund Advisory Board meeting
 
 
For additional information contact Carmen Molina-Rios at 860-270-8234.