Hard, cold cash is on the way for garment manufacturers that need a little help with their operations, including renting real estate.
A new program called the Fashion Manufacturing Initiative will award grants that factories can spend on equipment and worker training. The money will go only to plants that are at least two years old. The deadline for applying for the aid is Nov. 1. Right now, the project has $1.5 million to give away.
The funds are from the city’s Economic Development Corporation, which is sponsoring the initiative along with the Council of Fashion Designers of America and Andrew Rosen, chief executive of designer brand Theory, Crain’s reported.
The program is not intended to alter rezoning plans in the Garment District.
Many designers are frustrated over the lack of modern updates in factories citywide, Barbara Blair Randall, president of the Fashion Center Business Improvement District, told the publication. [Crain’s] – Mark Maurer