Funding Available to Small Tech Firms, Manufacturers

Free webinar explains how to obtain state and federal grants

When KTI Inc. needed money for upgrading their high-tech equipment to expand their fabrication and manufacturing capabilities, they contacted Connecticut Innovations (CI), the state’s quasi-public authority responsible for helping Connecticut businesses grow through diverse financing options. For KTI’s president, Howard Orr, it turned out to be the right move: His company was awarded a $25,000 matching grant under CI’s Small Business Innovation and Diversification Program.

“We used the money to upgrade the computer numerical controls on an electron beam welding machine to enable it to perform research and development work in free-form fabrication, wire feed, and additive manufacturing,” says Orr. “The grant has helped us retain and add employees who service some existing and new customers. We’re grateful for the opportunity to participate in the program.”

Brian Weinstein, president of Chapco Inc., a metal fabrication firm in Chester, has also improved his company’s competitive position by collaborating with CI.

“With the help of Deb Santy [CI’s small business innovation director] and her wonderful team at Connecticut Innovations, we received Phase 1 funding for our first Small Business Innovation Research Grant,” says Weinstein. “We continue to work with [CI] to help commercialize our product development efforts by taking advantage of many of the opportunities and programs they offer.”

Get with the Program

KTI and Chapco are just two of the hundreds of small companies in Connecticut that have benefited from CI assistance over the years. Surprisingly, however, getting the word out about all that CI has to offer is still a challenge, says Santy.

“Many small manufacturers and high-tech companies may be unaware of grant money that’s available for innovation in product design or product line diversification,” she says.

Santy aims to remedy that situation with a webinar she’ll be conducting in cooperation with CBIA on Wednesday, Nov. 14.

State and Federal Grants for Small Manufacturing and Technology Companies is the first in a three-part CBIA outreach series on business financing alternatives available from CI. Santy will identify the state and federal grant programs currently being offered to small, high-tech businesses, including manufacturers, and explain how those businesses can obtain funding.

Who Should Attend?

“Our target audience is manufacturers and technology companies with two to 500 employees that are employing innovation in terms of product design or diversification of their product line,” says Santy. “Companies that may have a product in development but are struggling to find a distribution channel and/or market will also benefit.”

• Date: Wednesday, Nov. 14, 2012
• Time: 10 to 10:45 am
• Speaker: Deb Santy, small business innovation director at Connecticut Innovations
• Moderator: Tom Guerra, director of product development at CBIA

For information about how CBIA can help you obtain business financing, contact Tom Guerra at 860.244.1160 or tom.guerra@cbia.com.