Delaware Competitiveness Fund

The purpose of the Delaware Competitiveness Fund is to induce Delaware legacy manufacturers to make capital investments to preserve and expand productivity, competitiveness and jobs at existing Delaware plant sites that face decline due to national and global competition.

Specific uses for the Fund:

• Provide a matching-fund program to induce manufacturers to modernize their facilities and preserve high wage jobs.
• Assist existing manufacturers in the transformation to updated processes that will keep the facility in operation.
• Establish new product lines or diversify product lines.
• Induce buyers for idled facilities that have an available workforce and the capability to manufacture products.
• Provide low-interest loans, including loans that may be matched by commercial lending institutions through a collaborative program.
• Encourage the location of research and development operations related to existing manufacturing.
• Provide training specific to new processes and operations.

Grants from the Competitiveness Fund may equal up to 3% of the project's total capital investment. Loans may equal up to 95% of the total project cost. By law, the maximum amount that can be loaned or awarded is $5,000,000, however most projects fall significantly below this threshold. To be eligible for an award, the median annual salary of the new employees is $25,000 before benefits for the first year of the project. Recapture provisions are determined on a case by case basis and are included in every grant or loan agreement.

The process for obtaining Competitiveness Fund assistance requires completing an Application for Financial Assistance. Applications are only made available after review and approval of the DEDO Internal Investment Committee. The final step is presentation of the Application at the Council on Development Finance (CDF) for recommendation to the Chairperson of The Delaware Economic Development Authority.

The applications at right are with and without Personal Financial Statements (PFS) for your convenience.

For further information on starting the application and review process, please contact: Sanskriti Inamdar at (302) 672-6855 or by email at Sanskriti.Inamdar@state.de.us.