HARTFORD - Help is on the way for small companies looking to grow but lacking the capital to do so. Gov. M. Jodi Rell announced last month that up to $25,000 in grant funding will be awarded to several Connecticut small businesses seeking to launch new products, courtesy of a new pilot program. Companies receiving the funds must match the grants.
"There is a real need to provide matching grants to companies with manufacturing capabilities in Connecticut with tremendous opportunity for growth," said Rell in a December 26 statement. "This program will help us expand our economy and create jobs by supporting more manufacturing and delivery of products and services."
The new initiative through which funds will be distributed is called the Connecticut Small Business Innovation & Diversification Program. Funded by the Department of Economic & Community Development, it is administered through the Connecticut Innovations Inc. (CII) Office of Small Business & Innovation Research.
Manufacturers receiving the grants are expected to use the funds to develop, produce and commercialize new products that help them diversify and innovate their Connecticut operations.
Less than a week after the announcement was made, the Office of Small Business and Innovation Research received dozens of inquiries, according to director Deb Santy.
"We've had at least 25 to 40 companies respond already," she says. "I was amazed."
A total of $250,000 will be made available. The program will operate until June 2011, or until all grant money has been spent.
Eligible companies must be headquartered or have operations in the state, and generate revenue from Connecticut-based activities. They must also employ fewer than 500 workers.
"They have to be manufacturers in Connecticut and plan on staying in Connecticut for the next ten years," says Santy. "Most importantly, they must be working on something new - some kind of new product or invention - or they must be diversifying."
Businesses applying for a grant should submit a project plan stating the nature of their innovation or development endeavor, and how the grant money will be spent.
"Also, one of the criteria is that the money will be used and will be productive within a short period of time," Santy adds.
Santy says the grant program's success will be determined by its downstream impact.
"The success of the program will really be, how did this program get leveraged?" she explains. "For example, did it attract additional federal funds? Did it generate new jobs?"
From the response so far, Santy has high hopes.
"I don't think this money will last until 2011," she says. "I'm hoping we'll have such success that we'll be going back [to ask for additional funds] before then."
To learn more, contact
860-742-7007.
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