Gov. Ned Lamont recently announced the launch of a $25 million state grant program to support and accelerate the growth of local supply chains. This initiative aims to enhance supply chain capacity, increase production activities and drive regional economic development.
Program Overview
The state will soon offer grants of up to $5 million to support and accelerate the growth and attraction of strategically important supply chain companies that contribute to the ecosystem of Connecticut’s core industries.
The program’s central focus is helping companies increase their production capacity to win new business, accelerate onshoring activities and attract out-of-state and international supply chain operations. This program aims to support the growth of companies in key sectors, thus bolstering Connecticut’s economic development.
Key Benefits
Supply chain companies may qualify and apply for grants between $500,000 and $5 million. The grant funds can be used for several strategic purposes, including but not limited to:
- Purchasing machinery and equipment
- Adding robotics and new technology to boost productivity
- Making infrastructure improvements
- Investing in product and process innovation
- Capital investments
- Establishing new operations in support of Connecticut’s core industries
Ineligible uses of funds include debt restructuring, loan payments, working capital, workforce training and purchase of new equipment to support existing operations.
Eligibility Criteria
Funding will be provided on a case-by-case basis, and matching funds will be required. Priority consideration will be given to Connecticut’s core industries, including:
- Manufacturing
- Semiconductors
- Information technology
- Biomedical instruments and life sciences
- Clean Energy
- Insurtech and Fintech
Applicants must commit to retaining their existing workforce, and collateral will be required.
Companies planning to undertake qualifying activities should consider familiarizing themselves with the program details and begin preparing now. Early preparation will ensure you are ready to apply when the grant window opens. We recommend contacting your financial advisors and consultants to help you gather the necessary documentation and evidence of matching funds.
For additional information regarding Connecticut incentive opportunities and their impact on your business or other state business credits and incentives opportunities, connect with a CBIZ professional today.
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