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Mid-America Trade Adjustment Assistance Center expands to Kansas, Nebraska and Iowa
U.S. Department of Commerce Economic Development Administration matching fund manufacturing program now in four states.
By: Mid-America Trade Adjustment Assistance Center
"I am delighted that TAAC has seen an increase in funding to serve more states," said Steve Devlin, University of Missouri Extension Business Development Program (BDP), which administers the TAAC program. The BDP is a statewide network which helps businesses succeed in every stage from concept to startup, growth to renewal, maturity to succession through a variety of programs such as TAAC. "Now the excellent work they do in preserving and expanding American manufacturing can be felt through more of the Midwest."
"Clients tell us our program makes a real difference for their business," said Donna Leonard, TAAC director. "And they use project assistance of up to $75,000 in matching funds to tackle crucial initiatives to keep them, their communities and their people thriving."
TAAC had previously served Missouri, Kansas and Arkansas. From fiscal years 2011 – 2015, Mid-America TAAC clients in Missouri, Kansas and Arkansas reported a cumulative sales increase of $198,006,880 and a productivity growth rate of 23 percent.
The program helps U.S. manufacturers proactively respond to import competition through a matching U.S. Department of Commerce Economic Development Administration cost share grant. TAAC personnel conduct a comprehensive assessment to identify and prioritize opportunities for increased profits, job creation and long-term financial stability. Once approved, a manufacturer can then use funds to implement needed projects to improve internal operations and competitive abilities with experienced TAAC business professionals who work with the manufacturers through each phase of the program.
"TAAC works because of the excellence of our counselors, certainly," said Leonard. "But manufacturers also invest in themselves, so these funds go even farther and have greater impact than if just federal funds or client funds were used." Eligible firms must match grant funds at either a 25 or 50 percent rate on eligible projects.
BDP counselors are located statewide providing education and individualized assistance on a variety of issues, including manufacturing. From 2013 through 2015, the BDP assisted thousands of Missouri firms create or retain 24,180 jobs, increase sales by $439 million, acquire new investments of $419.6 million and win government contracts of $1.4 billion. The BDP is also a solid return on investment, creating $119 of economic impact for every $1 invested and creating one job for every $930 in total funding.
For more on how TAAC can help local companies fight back against foreign imports, please visit http://missouribusiness.net/