MassDevelopment Launches Funding for Manufacturing Innovation Centers
September 17, 2014
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
To help solve manufacturing design and production challenges, MassDevelopment has issued a request for proposals seeking “innovation centers” to participate in a new initiative under the Manufacturing Futures Program. This effort will subsidize the cost to Massachusetts small and medium manufacturing enterprises that will use designated centers to solve technical problems that can impede growth. Through the innovation centers, companies will have access to expertise and equipment that they do not have in-house.
“The Manufacturing Futures Program has spurred creative ways to support the Massachusetts manufacturing industry, from bulk energy buying to save money on utilities to raising awareness of manufacturing careers,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “These innovation centers will serve small- and medium-sized manufacturers at a greatly reduced cost, and we look forward to the partnerships that will develop.”
MassDevelopment will pay the lesser of 75 percent or $75,000 of the cost of a contract between a manufacturing company and approved innovation center. Companies will pay the remaining 25 percent and must have less than 100 employees to participate. Companies will contract directly with the innovation centers chosen under this RFP; applications from innovation centers are due October 3.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.