Finding ways to improve your business and stay competitive while saving money is a rare thing in today’s manufacturing world. But luckily, we have two programs to share that’ll do just that!
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A motivated, well-educated, and quality trained workforce is vital for manufacturers, especially when battling increased competition and outdated industry stigmas. Read on to learn how the Ohio Incumbent Workforce Training Voucher Program and the Great Lakes Trade Adjustment Assistance Center can benefit you.
Ohio Incumbent Workforce Training Voucher Program
Designed to train workers and increase competitiveness throughout Ohio’s manufacturing industry, the Ohio Incumbent Workforce Training Voucher Program offsets the cost it takes to develop your workforce while reimbursing eligible employers for specific costs accrued from the training. Notable characteristics of this year’s program include:
- A 33 percent reimbursement of the actual cost of training, not to exceed the award amount.
- Up to $25,000 in assistance for eligible applicants.
Note that the program applies to most manufacturers and select other business types. Approved applicant businesses will have reimbursement awards distributed for training that begins and is completed between Jan. 1 – Dec. 31, 2018.
If you would like to take advantage of this opportunity, time is of the essence! Program submissions go live Oct. 12, 2017 and will likely all be claimed within hours. Contact us today to see if you are eligible!
Great Lakes Trade Adjustment Assistance Center
As a federally funded non-profit that offers regional manufacturing businesses assistance to combat the negative effects of imports, the Great Lakes Trade Adjustment Assistance Center (GLTAAC) offers manufacturers a practical approach to improve long-term opportunities for growth by implementing improvement projects brought forth by a qualified assessment. To qualify for assistance:
- Your manufacturing company’s headquarters must be in Indiana, Michigan or Ohio.
- You must have been in operation for at least the last two years.
- Your manufacturing business must be directly impacted by imports.
- You must be able to show a decline in sales of 5 percent or more this year.
- You must be able to show a decline in average employment at your company by 5 percent or more.
Notably, GLTAAC can be used to help pay for consulting and business growth services, including business valuation and strategic planning services. Take some time to look into what the process involves and how it can help your company find continued success.
To learn more about these programs, call your Rea financial advisor or email Rea & Associates to request to be contacted by a member of our team who can provide you with more information and insight to help you overcome common manufacturing challenges.
By Joe Popp, JD, LLM (Dublin office)
Check out these articles for more information about money-saving tips for businesses:
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