Every year, the federal government authorizes billions of dollars in funding for manufacturing research and development, workforce initiatives, and expansion and growth plans. While it may be difficult to make time to look into these opportunities, doing so could make a significant difference in realizing your business goals heading into the New Year – and beyond.
There are three basic venues where the manufacturing industry can solicit and receive federal support:
- Competitive grants
- Discretionary grants
- Appropriations
How do you succeed in securing funding for your facility? You need a government affairs strategy to help you obtain a piece of the federal funding pie as it applies to your company or plant.
Case in Point: Workforce Development
When it comes to attracting and retaining top talent, training and education programs are at or near the top of most manufacturers’ wish lists.
For instance, an increasing number of companies are combining biotech with traditional manufacturing, and thus find they need highly-skilled workers who understand both aspects of their business. Renal Solutions, a Pittsburgh-based medical device producer, needed to train its employees to manufacture products related to the next generation of kidney dialysis treatment.
Faced with this daunting training challenge, Renal Solutions secured a workforce grant to develop these “hybrid workers.” Other stakeholders, including local community colleges and technology industry groups, recognized the potential of the company’s initiative and subsequently joined in the effort. As a result, federal funding totaling $2.4 million was secured via the Department of Labor to create an effective training program.
This is just one of many such success stories.
Funding Support to Enhance Global Competitiveness
Some of the most important federal policy issues impacting manufacturing are related to trade issues, as U.S. companies strive to compete in the global marketplace. Here are a few government resources to keep in mind:
- The Manufacturing Extension Partnership (MEP) program provides funding to help level the playing field. MEP funding is parsed out over a number of traditional manufacturing states and is administered by non-profit organizations that turn funding into much-needed services ranging from achieving ISO certification to workforce development and job training and low-interest loans for equipment and facility improvement.
- The Advanced Manufacturing Partnership National Office has information on key issues including economic growth policies. It also supplies data supporting industry trends, innovation training, and other government resources to bolster the U.S. manufacturing business climate.
- The Minority Business Development Agency helps minority-owned businesses secure capital for new equipment and facilities, compete for public and private-sector contracts, and prepare for export opportunities through its network of 45 business centers around the country.
- The International Trade Administration Manufacturing and Services unit is dedicated to enhancing the export competitiveness of U.S. industry. It provides strategic research and analyses that manufacturers can use to develop export-related strategies and learn more about trade agreements.
The start of the New Year coincides with an upswing in the global economy and a return to normalcy for many manufacturers, both domestic and international. There’s never been a more opportune time to delve into the possibilities when it comes to federal funding to fuel your business growth and advance your strategic initiatives.
To learn more about best practices, trends and outlooks to move your business plans forward, read our related posts or contact the expert team at Premium Staffing today.