Manufacturing Matching Grant Program
The Massachusetts State Legislature appropriated $250,000 to SBANE for the expressed purpose of providing high-powered private consulting expertise to small and medium-sized Massachusetts-based manufacturers undergoing a business transition. To be eligible, companies must meet the criteria used by the Commonwealth of Massachusetts to define a manufacturing corporation. That information is available by clicking here.
Important Dates for the 2016-2017 funding year:
- Applications are currently closed for this program.
- Awards were announced on Tuesday, September 20, 2016.
- All projects must be completed by Thursday, June 1, 2017.
- It must be a new project. SBANE cannot pay a third party consultant for work that has already been done.
- The applications will be vetted by a committee of seven and all information will be kept strictly confidential.
Companies can apply for up to $7,500 in matching funds.
SBANE encourages and expects that companies will select their own consultants.
Companies must hire a 3rd party consultant; current employees CANNOT be substituted for a consultant. SBANE will handle all project payments and will ask each consultant to fill out a W-9 form. Along with each invoice, consultants must submit a benchmark report. This report will include what tasks were completed, where in the project that places them based on the submitted timeline and what the next steps in the project will be. At the completion of the project, SBANE requires a final report, detailing any and all results that company will see as a direct result of the project.
(not inclusive list):
- Financial restructuring of bank debt
- Marketing or Branding programs (excluding website development)
- Accounting, Comptroller, Chief Financial Officer staffing services
- Vendor payment plans
- Reorganization under the Bankruptcy Code
- Lean Manufacturing projects
- Government procurement:
- State contracts
- Federal contracts
- 8A certification
- SBIR grants
Cannot be used for Workforce Training
- A committee of seven vets quality of the proposal and consultant rate structure and either rejects it or accepts proposal
- Company must send 50% of fee to SBANE
- Consultant submits a monthly progress report to SBANE along with an invoice
- SBANE disburses check to consultant until grant funds are completely utilized
- Consultants will submit a final report to SBANE that will be reviewed by the Massachusetts Legislature