The Trade Adjustment Assistance (TAA) Program, a federally funded program introduced in 1974, might be an additional financial assistance mechanism for manufacturers as they continue to navigate the lasting impact of the COVID-19 pandemic. For U.S. manufacturers, it can assist companies that lost at least 5% of revenue and employment.
The TAA was originally created to enable companies to proactively respond to import competition and boost the ability of American manufacturers to compete in the global market. The program provides grants to manufacturers to hire outside consultants to work on projects that improve the company’s ability to compete globally. The multi-year grants cover as much as 75% of the improvement’s costs.
Multiple project opportunities can qualify to provide value and improve the operations of the company, including the following areas:
- Financial and general management
- IT support systems
- Marketing and sales
- Manufacturing, engineering and production
Working with the Mid-America Trade Adjustment Assistance Center to get started
Companies interested in TAA funds work with the Mid-America Trade Adjustment Assistance Center (TAAC), which completes the application form and money request. The Mid-America TAAC currently serves Iowa, Kansas, Missouri and Nebraska.
Mid-America TAAC works collaboratively with clients through the duration of each phase of the program, which includes the following steps:
- Eligibility certification: TAAC staff determines if there is a 5% decline in sales and employment caused by imports.
- Recovery plan approval: TAAC conducts a comprehensive company assessment to identify and prioritize opportunities for increased profits, job creation and long-term financial stability.
- Improvement project implementation: Firms have five years to apply funds toward the cost of consultants and professional service providers for improvement projects.
Through the years, Mid-America TAAC clients have increased net sales and maintained employment at greater than 10% while participating in the program.
Aside from helping with TAA funds, the Center provides economic data and other assistance to manufacturers, including information on the competitive landscape and identification of other grants or state and federal programs that could benefit the manufacturer.
Learn more by visiting the TAAC website or calling 800-336-8205.