Buying a $700,000 piece of equipment was not an easy decision for Bridgeport, CT-based Identification Products.
But the big expense was a necessary move if the manufacturer wanted to continue to compete in its industry. Producing rolls of paper at just 100 feet per minute, its 15-year-old printers were not able to keep up with the demand of potential customers.
Thanks to Connecticut's Manufacturing Voucher Program, though, the company received a $50,000 grant to aid in the purchase of the new machine. Run by the state Department of Economic and Community Development, the program was instituted in 2014 and has helped more than 180 advanced-manufacturing companies.
Read the full story at ctpost.com.