The state Bond Commission approved $20 million July 23 to replenish the Manufacturing Innovation Fund, a critical resource for Connecticut's small and mid-sized manufacturers.
The commission voted unanimously to fund the MIF for fiscal 2022 and 2023 and provide continued loans and grants for the state's manufacturing sector.
CBIA president and CEO Chris DiPentima praised the commission's decision, which he called "timely and prudent" as manufacturers face a number of challenges, including a skilled worker shortage.
"This is really good news, particularly for small and mid-sized manufacturers—the state's all-important supply chain," he said.
"The MIF has proven to be an essential resource, supporting a range of initiatives, from workforce development and training to capital investments that drive advanced manufacturing."
Connecticut established the MIF—administered by the Department of Economic and Community Development in conjunction with an advisory board—in 2014, providing $75 million to fund a range of programs.
As of Dec. 2020, the MIF had committed $71.9 million in loans and grants, assisting more than 2,000 companies and creating or retaining 17,784 jobs in the state.
That funding also drives significant investment from the private sector and third parties, generating $1.70 in additional expenditures for every dollar it distributes.
"Connecticut is a state of creators and innovators," she said. "Our fast-growing manufacturing sector is an integral part of the state's economy and it has many good-paying jobs ready to be filled by Connecticut's workforce.
"I'm happy the state is furthering its commitment to training programs that will prepare residents to enter these life-long careers."