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Small Manufacturers Competitiveness Fund (DECD)

Small

Offers financial and technical assistance to small manufacturers looking to become or remain competitive against out-of-state and foreign manufacturers.

Is this resource a good fit for you?

If you are looking for a 50 percent matching fund for amounts up to $200,000 that can be used for working capital, machinery and equipment, and so on.

Description

The Small Manufacturers Competitiveness Fund (SMCF) provides financial and technical assistance to small manufacturers that will enable them to become or remain competitive against out-of-state and foreign manufacturers.

Eligible Use of Funds:

  • Working capital
  • Machinery and equipment
  • Building/construction
  • Leasehold improvements
  • Other eligible uses under the Manufacturing Assistance Act (MAA)

Services

  • Provide access to capital loans up to a maximum of $200,000.
  • Payment for technical assistance, business counseling and guidance.
  • Provide client loan review and monitoring on a monthly basis.

Criteria

  • Must have a manufacturing SIC code of 20XX to 39XX (same as the MAA).
  • Business cannot be in receivership, bankruptcy or foreclosure.
  • Must be on good terms with suppliers (COD cash on delivery is acceptable and verifiable; no liens).
  • Capable of producing customer purchase orders for ongoing business cash flow.
  • Current or projected cash flow must show debt service coverage.

Contact Info

Contact: Patricia Paesani

Street: 505 Hudson Street

City: Hartford

State: CT

Zip: 06106

Phone: 860-270-8215

Email: patricia.paesani@ct.gov

Website: Department of Economic and Community Development

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