GOVERNMENT FUNDING SOURCES CAN GROW YOUR COMPANY
Training grants for innovative workforce solutions to solve industry issues are available through federal government agencies, such as the U.S. Department of Labor, for companies partnering with community colleges/technical schools and local workforce boards in 14 high-growth industries. The range of benefits to the employer is approximately $100,000 to $2,000,000 per grant.
PROGRAMS THAT OFFER FUNDING
- President’s High-Growth Job Training Initiative
- Community-Based Job Training Initiative
- Workforce Innovation in Regional Economic Development (WIRED) Initiative
TARGETED HIGH-GROWTH INDUSTRIES
The 14 targeted industries shown below are projected: (1) to add substantial numbers of new jobs to the economy or affect the growth of other industries, or (2) as existing or emerging businesses being transformed by technology and innovation requiring new skill sets for workers.
- Advanced Manufacturing
- Aerospace
- Automotive
- Biotechnology
- Construction
- Energy
- Financial Services
- Geospatial Technology
- Health Care
- Homeland Security
- Hospitality
- Information Technology
- Retail
- Transportation
COMMON CHALLENGES FACING COMPANIES
The Department of Labor seeks to fund a core set of priority solution elements that are common to all 14 target industries. These elements include:
- Developing a pipeline of young workers
- Building competency models, career ladders, and career lattices for new and incumbent workers
- Expanding post-secondary training alternatives including apprenticeships and community colleges’ workforce development programs
- Accessing new and/or untapped labor pools
- Transitioning workers from declining industries
- Developing strategies for retaining incumbent workers and updating their skills
- Engaging small businesses
Successful projects will demonstrate innovative solutions to industry challenges, such as a fast-track specialty nurse training to address the nursing shortage in health care, or attracting women to the construction trades. However, this funding will not replace ordinary training expenses.
HOW UHY ADVISORS CAN HELP
UHY Advisors’ professionals continually research and keep up-to-date on federal training grant opportunities and can provide insights and guidance for submitting the necessary paperwork to obtain these funds.
For more information about Federal Training Grant opportunities, contact Beth Runfola, National Director of Client Solutions, at brunfola@uhy-us.com, or call 404-395-7890.