| Source Newsletter 2008 issue 1 |
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Grant Program Offers Assistance to Small Manufacturers
Minnesota Technology, Inc. (MTI) recently announced a new opportunity for small manufacturers that are looking to grow. The Growth Acceleration Program (GAP), a new MTI grant program, allows manufacturers with fewer than 100 employees to apply for up to $25,000 per year toward projects to help the company grow. The business must match any GAP money awarded.
The funds set aside for GAP were designed to help small businesses get up to speed with the technology they need to expand the business. While the program does not have many restrictions, it does stipulate that the money cannot be used for capital investments.
GAP began in July as the result of legislation by a bipartisan group of legislators including Minnesota State Senator David Tomassoni of Chisholm. The $750,000 approved for GAP as one-time monies over a two-year period will be funded through the Minnesota Department of Employment and Economic Development and administered by MTI. To learn more about GAP or to see if you qualify, contact Glenn Pence, 320-492-7996, 800-325-3073, or gap@mntech.org.
How to apply for MTI’s GAP grants
Firms interested in GAP must fill out and submit to MTI a complete application that includes documentation of the company’s overall plan for technology and business improvement, a prioritized list of the company’s improvement needs, and the anticipated economic benefits. The application must also document the company’s financial need for GAP funding in order to carry out the highest-priority components of the plan.
Upon receipt of the application and verification of eligibility, MTI will determine funding priority. Funding approval will be confirmed by e-mail and followed by a service agreement that articulates the scope of work, economic benefits, deliverables, schedule, investment, and reporting requirements. Send completed applications to: GAP at Minnesota Technology, Inc., 310 Fourth Ave.S., Suite 7050, Minneapolis, MN 55415
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