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By: Caroline Alexander & Siobhan Dilly, TIP Strategies
Via: TIP Strategies
In early May, the White House announced the Investing in Manufacturing Communities Partnership (IMCP) in an effort to grow the US manufacturing sector. The Economic Development Administration has allocated $4 million to support the development of 20 to 25 regional strategies. The EDA provides the following description of these projects:
“Successful projects will be regional in scope and focus on manufacturing sectors that demonstrate comparative advantages in the marketplace. Competitive applications should emphasize public-private and higher education collaboration. In addition, they will target investments that help stakeholders within a region to collaborate and build on existing regional assets to create a supportive regional economic ecosystem for business investment and innovation, increased international trade and exports, the creation of good jobs, and improved quality of life.”
The recipients of this round of funding will be eligible to compete in Phase Two of the IMCP, which will award six “challenge” grants of up to $25 million each. These Phase Two grants are intended to be supplemented by coordinated investments from several other federal departments and agencies.
Example projects include specialized research centers at local universities; business incubators focused on targeted technology sectors; community college programs to train workers in targeted industries; public works projects to upgrade infrastructure or enhance energy efficiency; viable export promotion plans; and well-integrated supply chains.
Phase One will be funded through the EDA’s Economic Adjustment Assistance program and can be up to $200,000. Grant applications are due June 13. For more information on how to apply, download the EDA’s PDF here.
This is an exciting opportunity. Please contact us now if you need any help pursuing it.