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The state has launched a new grant program to boost supply chain companies in Connecticut by helping them expand and increase production capacity.
The launch of the $25 million Strategic Supply Chain Initiative was announced by Gov. Ned Lamont and state Department of Economic and Community Development (DECD) Commissioner Daniel O’Keefe Thursday in New Haven.
The program, administered by the DECD, offers grants of $500,000 to $5 million for projects that will increase supply chain companies’ production capacity.
“The support from this initiative will bolster Connecticut’s core industries – including high-tech manufacturing, renewable energy, information technology and other key growth sectors – and take practical steps to strengthen these sectors and grow good-paying jobs here in our state,” Lamont said.
Supply chain shortages have persisted since the COVID-19 lockdown. Recently, one of Connecticut's largest employers, submarine builder Electric Boat, announced that it will pause hiring due to supply chain disruptions.
According to O’Keefe, the state program “aims to fortify supply chains in sectors vital to our state’s economic future to ensure they are fully capitalizing on growth and onshoring opportunities in the near term.”
He added that the program will help grow jobs, improve Connecticut’s competitiveness in national and international marketplaces, and help recruit new companies and capital investment to the state.
Priority will be given to companies in the state’s core industries including manufacturing, semiconductors, insurtech and fintech, biomedical instruments and life sciences, clean energy and information technology, including artificial intelligence and quantum computing.
Companies that receive grants will be required to provide at least a 50% match, or a 10% match if they’re in a distressed municipality.
Eligible uses of funds include:
To learn more about the Strategic Supply Chain Initiative, visit: portal.ct.gov/decd/content/business-development/05_funding_opportunities/connecticut-supply-chain-accelerator.
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