Funding Resources for Manufacturers With the recent boom in the manufacturing industry, it is important for manufacturers to remain current in areas such as technology, skills training, and business improvement in order to be competitive. Many times keeping up with current trends means big projects that require funding.
Definity Partners would like to share two resources which specifically help manufacturers obtain funding for a variety of initiatives through federal, state and local incentives and grants. With assistive funding manufacturers can focus on projects and business improvements that will support growth and help them be competitive.
Enterprise Advisory Group, LLC (EAG)
EAG specializes in assisting companies with an Ohio presence in securing Ohio tax credits, Ohio grants, IOLF loans, and other public monies. They work with all types of private companies to identify tax incentives, grants and other forms of non-dilutive capital to support growth and investment.
Any company considering a new investment that may involve job creation could be eligible for the following types of assistance from federal, state, and local governments:
Tax Credits – Companies may be eligible for tax credits based on new investment and/or job creation. Some tax credits are refundable, which means that any credit above and beyond the company’s tax liability would be a cash refund.
Grants – Cash grants may be available for companies making investments in new machinery and equipment, employee training, energy efficient upgrades, new buildings, etc.
Low Interest Loans – Loan funding at reduced interest rates for new investment, including software development.
Property Tax Abatements & Exemptions – Reduced or eliminated property taxes on newly constructed buildings, expansions, and improvements.
In addition to identifying these incentive opportunities, EAG will also handle the negotiation and
application process as well as all compliance reporting tied to any incentive secured. Most incentive programs will only pay out once compliance measures are satisfied, so compliance is of the utmost importance to the process.
Great Lakes Trade Adjustment Assistance Center (GLTAAC)
The Great Lakes Trade Adjustment Assistance Center helps manufacturers in Michigan, Indiana, and Ohio that have been hit hard by import competition. They work with clients to develop an action plan – then help implement that plan with up to $75,000 of federal matching funds from the Trade Adjustment Assistance for Firms program (TAAF), the only federal program specifically designed to help companies that have been negatively impacted by imports.
Applying to the TAAF program is simple and there is no cost to find out if your firm will qualify.
To determine if the TAAF program may be beneficial to your organization, ask yourself the following questions:
• Are you directly impacted by imports?
• Are your sales down by 5% or more?
• Is your average employment down by 5% or more?
If you answered “yes” to all of the questions above, your organization may be a candidate for the TAAF assistance.