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Governor Ned Lamont and the Connecticut Department of Economic and Community Development (DECD) Commissioner Daniel O’Keefe announced the launch of a $25 million state grant program to help supply chain companies in Connecticut’s core industries expand and increase production capacity and encourage the establishment of new operations in the state.
Administered by DECD, the Strategic Supply Chain Initiative will also be used to attract supply chain operations from other states and internationally.
Supply chain companies can apply for grants ranging from $500,000 to $5,000,000 for projects that will increase their production capacity. Eligible uses of funds include:
- Purchasing machinery and equipment
- Addition of robotics and new technology to boost productivity
- Making infrastructure improvements
- Investing in product and process innovation
- Enhancing R&D activities
- Establishing new operations in support of Connecticut’s core industries
Companies selected to receive state funding will be required to provide at least a 50% match unless they are in distressed municipalities, where a minimum 10% match is required.
Priority consideration will be given to supply chain companies in Connecticut’s core industries including, but not limited to, manufacturing, semiconductors, insurtech and fintech, biomedical instruments and life sciences, clean energy, and information technology, including artificial intelligence and quantum computing.
The information contained herein is general in nature and is not intended and should not be construed as legal, accounting, or tax advice or opinion provided by Ashmore Consulting LLC to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact Ashmore Consulting LLC or another tax professional prior to taking any action based upon this information. Ashmore Consulting LLC assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.
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