The state of Connecticut has given grants to dozens of manufacturing companies in recent years making it possible for them to grow and purchase much needed equipment. Brooks Associates has worked with many of these companies and assisted them through the process to ensure they have the proper paperwork in place and the machinery that fits the government requirements. It can seem like a daunting task to apply for a state grant but with many customers receiving $125,000 or more, it’s worth the effort. Contact your local Brooks representative to discuss the process and what might be involved for your company to qualify. Some customers have been able to move through this process and receive new machinery within 90 days.
The state of Connecticut government officials genuinely do want to keep your company operating within the state and hiring more local employees, and they’re motivated to assist you with financing to make that happen. They offer funding directly via the Department of Economic and Community Development and Connecticut Innovations, as well as financing options through a variety of local loan funds available throughout the state. You don’t have to be a big company to participate as they have programs for businesses of all sizes. Most smaller companies are encouraged to work with the Small Business Express Program which is specifically set-up to provide loans and grants to Connecticut based small businesses. There are some requirements such as your business will need to have been in operation for at least 12 months, with fewer than 100 employees, and in good standing with all state agencies.
Everyone understands that the paperwork required to apply for these programs can be overwhelming. If you need assistance putting together a business plan, marketing plan, cash flow projections, new employee plan, or other business documents it is available to you. The state of Connecticut has set-up the Connecticut Small Business Development Center to help with these documents at no cost to users.
If your company doesn’t qualify for one of these grant programs there are also direct loans available with competitive rates and terms. Review the terms from the Economic and Manufacturing Assistance Act to see if your project might qualify for one of these loan programs. Projects that may qualify include acquisition of property, equipment or machinery as well as construction/renovation/demolition of facilities, or infrastructure improvements. These funds can even be used for support services such as energy conservation, labor training, pollution control, recycling, and many other services.
For larger companies there are also programs available through the state of Connecticut such as the First Five jobs initiative. Funding through this program comes through the Manufacturing Assistance Act which can provide full financial funding as well as additional business tax credits. To qualify for this program your business needs to be looking to create at least 200 jobs within 24 months or invest at least $25 million in addition to creating at least 200 jobs within five years. Even a redevelopment project could be awarded these funds if the commissioner of the Department of Economics and Community Development believes the project will result in creating the 200 jobs and/or the $25 million dollar investment in a shorter time frame.
To learn more about any of these programs visit www.ct.gov.