Business

Manufacturing and Innovation Sector Funding Boosts Available

March 10, 2016, 11:00 AM HST
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funds money cash pixabayThree new grant fund matching programs were recently announced by the High Technology Development Corporation. The programs aim to grow the manufacturing and innovation sectors throughout the state.

Each of the programs provides funding to support the development and growth of technology research and development companies, along with manufacturers and energy development companies.

“Capital for established and early stage companies is a key factor to success,” said Luis Salaveria, director of the Department of Business, Economic Development and Tourism, which oversees HTDC.  “These new grants will help our local businesses compete and succeed in a global economy.”

Through the Manufacturing Assistance Program, funds will be matched up to 20 percent and a $100,000 maximum for local manufacturers who are willing to invest in expanding their production through purchase of new equipment or training, as well as the improvement of energy efficiency of operations.

“The Chamber, as the exclusive affiliate in Hawai’i for the National Association of Manufacturers, seeks to increase and diversify our state’s manufacturing initiatives.” said Chamber President and Chief Executive Officer Sherry Menor-McNamara. “We are grateful to our Manufacturing in Hawai’i partner, High Technology Development Corporation, and our Legislators and Governor Ige, for their support of our Manufacturing Legislative program.”

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In addition, up to 50 percent of a match, up to $500,000 will be provided through the Hawai’i SBIR matching grant program. The matching is available to technology companies who have received federal awards through the Small Business Innovation Research program. Matching funds are available to support Phase II, proof of concept, and Phase III commercialized efforts for those companies.

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Over 90 Hawai’i companies received federal SBIR grants, according to HTDC.

In addition, the Hawai’i Office of Naval Research grant, known as HONR, has created a pilot project that provides matching funds to companies who are developing energy products funded by the U.S. Office of Naval Research.

Under the two-year pilot program, matching of up to 50 percent with a $500,000 maximum is available.

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“The new funding programs will help create high wage jobs that support HTDC’s 80/80 initiative to create 80,000 tech and innovation jobs earning more than $80,000/year by 2030,” said Robbie Melton, executive director and CEO at HTDC.

Hawai’i has over 1,000 manufacturers across the state. The programs will strive to make manufacturers in the state more competitive, reduce imports, and increase exports.

The programs will begin on March 15. Applications are being accepted at the HTDC website.

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