Capitus has recently come across a program that is available to many businesses who are dealing with transition. This is a program where funds can be used for succession planning and other transitional activities.
Read on and contact us for more information.
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Mid-America TAAC assists domestic manufacturers negatively impacted by import competition. To be eligible, a manufacturer’s industry must be impacted by increasing foreign competition and have recently experienced declining employment and sales or production levels. Mid-America TAAC, staffed by individuals with private industry backgrounds, assist the firm by preparing grant application documents and acts as an intermediary between the firm and the Department of Commerce, which sponsors the program. Eligible firms are then assisted in two ways. First, TAAC staff conducts a thorough assessment of the firm to develop a detailed strategy to help the firm become more competitive. Second, TAAC assists the manufacturers by offering grant funding of either $150,000 (50 percent company match) or $30,000 (25 percent company match) to implement projects that are focused on improving a firm’s internal operations and competitive abilities.
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The Trade Adjustment Assistance for Firms (TAAF) is a federal program created in 1974 and provides technical and financial assistance to domestic manufacturers affected by import competition. Sponsored by the U.S. Department of Commerce, this cost sharing federal assistance program pays for half the cost of consultants or industry-specific experts for projects that improve a manufacturer’s competitiveness.
The Mid-America TAAC program was awarded to the University of Missouri in the mid-1980s and services the states of MO, KS & AR.
To be eligible, a manufacturer’s industry must be impacted by increasing foreign competition (we research this for the company and it is rare to find a manufacturing industry where import competition is not increasing) and have recently experienced at least a 5% decline in employment and a 5% decline in sales or production levels. Mid-America TAAC, staffed by individuals with private industry backgrounds, assist the firm by preparing grant application documents and acts as an intermediary between the firm and the Department of Commerce, which sponsors the program. Eligible firms are then assisted in two ways. First, TAAC staff conducts a thorough assessment of the firm to develop a detailed strategy to help the firm become more competitive. Second, TAAC assists the manufacturers by offering grant funding of either $150,000 (50 percent company match) or $30,000 (25 percent company match) to implement projects that are focused on improving a firm’s internal operations and competitive abilities.
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Contact us for more information.