Leveraging Grants and Federal Assistance to Grow Your Shop
Advancing your shop’s technological and training capabilities is a worthwhile investment that can grow your business in unprecedented ways. Though it can be difficult to take assets out of your day-to-day operations to make this a reality, this doesn’t mean you should write off pursuing what will advance your business today.
State grant programs assist job shops like yours with the financial resources they need to innovate and adopt transformative technologies. Here, we highlight just a handful of these programs so that you can set yourself up for leveraging grants to grow your business.
1) Connecticut Manufacturing Innovation Fund Voucher Program
For Connecticut-based manufacturers, the Connecticut Manufacturing Innovation Fund Voucher Program aims to ensure that companies stay as competitive as possible by providing the necessary capital for new manufacturing technology and expertise. Businesses may apply for vouchers of up to $50,000 for equipment and expertise.
To apply for this program, Connecticut manufacturers must have between 3 and 300 employees, have a proposed project value of at least $10,000, and must have been registered for at least 3 years and be generating revenue.
In your application, you will need to provide a project quote from the third-party service provider you will be using, a budget form for the proposed project, letters of good standing from the DRS and DOL, and evidence of your ability to meet the required funding.
2) Skills Development Fund – Texas
For eligible Texas businesses, the Skills Development Fund provides customized training whereby businesses work with technical college partners with the aim to increase skill levels and wages. Businesses may apply for grants of up to $500,000.
The Skills Development Fund has also launched its COVID-19 Special Training Initiative to help businesses through the impacts of the pandemic on the workforce.
3) The Advanced Manufacturing Program – Ohio
For small and mid-sized Ohio manufacturers, The Advanced Manufacturing Program assists in the adoption and usage of advanced manufacturing technologies. The program’s awards range from $250,000 to $500,000 for programs of up to 2 years in total and funds project proposals from Ohio-based non-profits, research institutions, and universities connected to Ohio manufacturers.
4) Manufacturing Readiness Grants – Indiana
The Manufacturing Readiness Grants supports Indiana-based companies who are committed to integrating smart technologies and processes, as well as companies who intend to invest in health care manufacturing technology for COVID-19 response initiatives.
Businesses may apply for matching grants of up to $200,000, though grants can exceed this limit should the project support Covid-19 response initiatives.
To apply for the Manufacturing Readiness Grants, companies must be registered to do business in Indiana and must have plans to obtain smart manufacturing and or health care manufacturing technology to be used in Indiana.
5) Trade Adjustment Assistance for Firms (TAA)
With 11 different regional centers located across the country, Trade Adjustment Assistance for Firms (TAA) provides manufacturers affected by foreign imports with financial assistance towards projects focused on helping them become more competitive in their industry. Eligible companies may receive up to $75,000 in matching funds for their proposed projects.
Manufacturers have utilized TAA to meet a variety of their business needs. Through the Northwest Trade Adjustment Center (NorthwestTAAC), A.R.E Manufacturing Inc. was able to implement Paperless software to transform its quoting process.
“In late 2018, we lost a large customer when they decided to offshore the product line,” Troy Elbert of A.R.E said. “We reached out to the NorthwestTAAC and were able to secure long-term funding to help with business development. With its support, we have begun onboarding with Paperless Parts to bring a competitive edge to our quoting process.”
Federal assistance and grant programs can help you progress your business and stay competitive by providing you with the assistance you need in acquiring technology and expertise. If you want to transform your quoting process with Paperless Parts to win more jobs and drive your revenue, be sure to look into the programs dedicated to helping you grow your business.