The Federal Government and the State of Connecticut have numerous programs that provide a significant amount of funding for manufacturing companies. These monies typically come in the form of low interest loans, grants, vouchers, and fund-matching programs. But much of this money goes unclaimed every year.
So why aren’t manufacturers snapping it up?
The number one reason is many manufacturers don’t know about these programs. Sure, you might hear about training dollars from your local chamber or the MVP from CCAT or even NETAAC funding via an industry group, but after receiving multiple emails for a variety of programs, it can seem overwhelming. Finding them on your own isn’t easy either, especially if you don’t know exactly what you’re looking for. One could easily spend hours, or even days, looking for them online. And once you’ve found the programs, there’s time spent determining whether or not your company qualifies for that specific funding.
Then, when you’ve finally determined that you qualify, there are the applications to be completed. Finally, there are stipulations on what the money can be spent on, so even after your application is approved, you may not be able to use the money in the way you intended. (Example: you can’t use funding retroactively, and some funding is exclusively for equipment) The entire process can be daunting and exhausting.
Most business owners are hyper extended just trying to get their products out the door. The pandemic has added to their workload with new challenges, too, like supplier shortages and shipping delays. They don’t have the resources to complete this additional work.
So, what’s a manufacturer to do?
Simply put, get some help from someone who already knows about the available programs and can complete the applications and qualifying processes for you. Reviewing your funding options is just one aspect of the Needs Assessment. We will review what your needs are and match them with funding opportunities.
The Connecticut Manufacturer’s Resource Group (CTmrg.com) has a long history of helping manufacturers obtain state and federal funding. We understand the nuances of each program and how to manage the application process. With our help, you can increase your chances of getting some of that unclaimed money. Contact us for more information.