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2017 | Doing Business in Connecticut 61 PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. 107 Old Windsor Road Bloomfield, CT 06002 (860) 242-8586 | Fax (860) 242-8587 RETAIL • INDUSTRIAL • COMMERCIAL • INSTITUTIONAL • EDUCATION • HEALTHCARE • RELIGIOUS PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD www.pdsec.com voucher funds made it easier to commit to buying the laser. "It was very helpful to procure the machine faster," he said. Once Cadco's application was approved, the state money came quickly, and the company had its new laser three months earlier than it anticipated. "It's doing a wonderful job for us." Now, workers are cutting stainless steel more efficiently, and producing less waste in the process, says Shanahan. Cadco bought the laser from Farmington- based Trumpf, allowing another Connecticut company to benefit from the purchase as well. Under the Manufacturing Innovation Fund Voucher Program, which is a partnership between state Department of Economic and Community Development (DECD) and the Connecticut Center for Advanced Technology (CCAT), companies must cover at least half of the expense they will incur and match any grant amount dollar for dollar. Voucher funds can be used for a variety of purposes, including buying new machinery, consulting technical experts, market analysis, patenting and licensing, prototype development, process improvements and specialized equipment for automation, among others. Approved projects must have a value of at least $10,000, and must use a third-party vendor or service provider. Companies that receive vouchers must complete an impact report six months aer the project begins. Manufacturers must also apply to be considered for the program, and payment of vouchers is subject to the availability of state funds for the program. In addition to giving them direct access to money, Watson says the program brings added benefits to manufacturers, including opportunities to leverage other funding from the private sector or federal government. Once the vouchers enabled Shanahan to buy Cadco's laser, for instance, the company saved additional money through considerable energy rebates that brought the machine's net cost down even further. roughout the state, small and mid- sized manufacturers have been able to become more competitive with the help of vouchers, says Watson. "Access to this kind of funding can be a real difference-maker for smaller companies that may be on the fence about investing in a new piece of equipment or additional training for their employees," he says. ❑ Who can apply for the program? • The company must be a manufactur- er or an "allied service provider." • Must have a manufacturing facility in Connec cut or plans to relocate here. • Must be registered for at least three years and genera ng revenue. • 51% or more of the company's rev- enue must be from the sale of goods the applicant manufactures or from allied services. • Must have between three and 300 full- me employees. • Proposed project value must be at least $10,000. • Must be in a zoned commercial area. • Must not have received $50,000 or more from MVP program previously. • Must be in good standing with both the CT Department of Revenue Ser- vices and CT Department of Labor. For more informa on, visit www.ctmvp.ccat.us. More about the CT Manufacturing Innova on Fund Voucher Program