To further strengthen the national economy and increase job creation, the Obama administration recently announced competitive grant funding worth $40 million.
The grant, known as the Make it in America Challenge, will be fully funded by the Department of Commerce’s Economic Development Administration (EDA), the National Institute of Standards and Technology (NIST) Manufacturing Extension Partnership (MEP), as well as the Department of Labor’s Employment and Training Administration (ETA) in order to achieve one principal goal – to promote insourcing by providing incentives to American businesses.
To compete for the grant, applicants will propose projects they believe will help companies maintain their U.S.-based operations, expand their local workforces, and prepare their current employees and new hires for the future demands of their positions.
“More and more businesses are choosing to invest, create jobs, and make things here in America, and this new initiative represents the latest effort by the Obama administration to build on that trend,” said Rebecca Blank, acting Secretary of Commerce. “
To help companies further develop their operations within the United States, grant competitors are also invited to offer suggestions concerning the ways in which businesses can use direct foreign investment to hire new staff members, promote local employees to higher paying positions, and increase their profit margins.
Blank added, “By making competitive investments, the challenge will help communities across the United States accelerate economic growth, attract business investment, and create jobs.”
All winning applicants will be chosen by an interagency panel. According to the ETA, approximately 15 applicants are projected to be endowed with grant money.
Winners will be selected according to their projects’ capabilities to expand insourcing, create dynamic, well-trained American employees, and increase bottom-lines, all while adhering to sound, sustainable business plans.
Funding for the grant will be offered through a Federal Funding Opportunity, which is set to be announced sometime after the beginning of 2013.