Massachusetts offers several grant programs to support growth and innovation in the manufacturing sector in the state. AAFCPAs has outlined, for your convenience, three programs designed to support stability and revenue growth, innovation, workforce training, and capital investments.
Manufacturing Matching Grant Program
New England Business Association is now accepting applications for the 2018-2019 Manufacturing Matching Grant Program funding year. The program, which is funded through an appropriation from the Massachusetts State Legislature, seeks to provide targeted grants to manufacturing companies for the expressed purpose of providing high-powered private consulting expertise to small and medium-sized Massachusetts-based manufacturers undergoing a business transition. Types of eligible consulting may include: financial restructuring of bank debt; accounting, controller, and CFO staffing services; ERP systems efficiencies and effectiveness; lean manufacturing; data and cyber security; and more. Companies can apply for up to $7,500 in matching funds. The application process opened on September 1, 2018, and awards are expected to be made in early November 2018. Learn more. >>
AAFCPAs strongly encourages our clients engaged in Massachusetts manufacturing to consider this Manufacturing Matching Grant Program as it may be a viable opportunity to obtain funds to support necessary improvements to your business operations.
The Workforce Training Fund Program (WTFP)
The WTFP helps address business productivity and competitiveness by providing resources to Massachusetts businesses to fund training for current and newly hired employees. While available to businesses of all sizes, the WTFP focuses on small to medium-sized businesses that would not be able invest in improving employee skills without the assistance of the Fund. There are several types of grants available to support the needs of businesses across the state, and businesses of all sizes are encouraged to apply for up to $250,000 for a Training Grant. Learn More. >>
Capital Grants Program
MassTech and the Executive Office of Housing and Economic Development are currently offering a Capital Grants Program through the Massachusetts Manufacturing Innovation Initiative (M2I2). M2I2 provides capital cost shares for projects and discovery centers located within the Commonwealth’s borders, as part of the state’s on-going commitment to the Manufacturing USA program put forth by the federal government. Grants are for capital purchases only. Capital grants may be used for building improvements, including interior fit-out costs and the purchase of equipment. M2I2 reviews applications on a quarterly basis. Learn more. >>
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AAF has been helping sophisticated, privately-held manufacturing companies succeed since our founding in 1973. If you have any questions, please contact Jack Finning, CPA, CGMA, Partner, at 774.512.4105, firstname.lastname@example.org, or your AAFCPAs Partner.