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July 22, 2021

CT Bond Commission considers $20M for Manufacturing Innovation Fund

Photo | Contributed Lyco Inc. employee Larry Wallace operates an edgebander machine, which strips and re-edges countertops, that was purchased with the help of a matching grant through the Connecticut Manufacturing Innovation Fund.
By Sean Teehan

Connecticut's state Bonding Commission could vote tomorrow on whether to direct $20 million in bond funding to the Manufacturing Innovation Fund, which underwrites key manufacturing industry programs.

Connecticut’s $75-million MIF was created in 2014 to pay for programs — like apprenticeships and incumbent worker training — aimed at growing jobs and helping the sector deal with a major workforce shortage.

"Of the $75 million investment that was originally authorized … in 2014 for the MIF, nearly $72M of those funds has been committed as of June 30, 2020," an agenda for Friday's Bonding Commission meeting says.

If the Bonding Commission approves the funding, it would inject $10 million into the fund for the 2022 fiscal year, and another $10 million for fiscal 2023.

Manufacturers across the state have cited workforce development initiatives like apprenticeships and incumbent worker training, as well as the Manufacturing Voucher Program — a matching state grant of up to $50,000 for equipment purchases and other investments — as critical to the sector.

 

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