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60 Doing Business in Connecticut | 2017 INDUSTRY SPOTLIGHT › Manufacturing C onnecticut manufacturers need ef- ficient, state-of-the-art equipment and expertise to compete in today's global economy, but those vital investments typi- cally don't come cheaply. For many, a state- run voucher program can help cover some of the costs. Connecticut's Manufacturing Innova- tion Fund Voucher Program awards eligible companies vouchers of up to $50,000 each to use when buying equipment or "acquir- ing knowledge" that will improve their marketing, LEAN compliance and various technical needs. e option has proven popular among Connecticut manufacturers: in just two and a half years since it launched in December 2014, more than 300 companies have partici- pated, says Jim Watson, spokesman for the Connecticut Department of Economic and Community Development, which adminis- ters the vouchers. "It helps companies make much-needed investments in technology, workforce devel- opment, etc. that will help them create and retain jobs, and boost their overall competi- tiveness," says Watson. Laser focus At Cadco Ltd. in Winchester, the program helped President W. Michael Shanahan buy a fiber laser the company needed to operate more efficiently. Cadco makes commercial kitchen and food-service equipment, and needed the laser to cut stainless steel that arrives to the manufacturer in large, flat sheets. Stainless steel plays an essential role in the company's day-to-day operations, says Shanahan, and is used in many of its products, including its line of food-service carts. Two years ago, the company received the maximum amount allowed under the state program, $50,000 in vouchers. at meant the company still had to cover the remaining $450,000 of the laser's $500,000 price tag, but Shanahan said the financial assistance was a huge help at a time when the company had just bought and was renovating its 46,000-square-foot home. With expenses mounting elsewhere, the W. Michael Shanahan, president of Cadco Ltd. of Winchester, which participated in Connecticut's Manufacturing Innovation Fund Voucher Program. PHOTO/JARED RAMSDELL State Program Makes Manufacturing Equipment More Affordable 300 companies have participated in the Manufacturing Innovation Fund Voucher Program By Cara Rosner