Grant Money – Is Your Business Eligible?
In this episode of ReVive, the marketing podcast for manufacturers, host Jared Falkner is joined by Jack Dye, Vice President at Applied Strategies International. Jack shares some great information on how businesses can use companies like Applied Strategies International as a strategic resource to apply for grants that ultimately support your bottom line and boost sales in a dry pipeline.
Give me the high-level: ReVive in 5
For our audience that isn’t familiar with Applied Strategies International, could you please explain what value you provide to manufacturers? (1:33)
“ASI is a private nonprofit company that solely exists to facilitate the Trade Adjustment Assistance for Firms program as a part of the US Department of Commerce for manufacturers located in Illinois, Wisconsin, and Minnesota. The program is designed to assist companies who have recently lost sales and some headcount to become more competitive in their markets.”
If I was a business and wanted to get started with this grant program, could you touch a little bit on what steps need to be taken, and what it takes to qualify? (2:11)
“The starting point for seeing if a company can qualify would be for me to review their sales and headcount numbers by month over the last 24 to 28 months to look at for a slight decline. We can slice the numbers a few different ways to find a time frame in which they may qualify. The program does not need a large decrease, but rather a 5% or more decline.”
If a business were to qualify for the grant, exactly how much can they qualify for, and for how long? (2:45)
“To start, when a company qualifies for the grant, they have up to 5 years to utilize the funding for projects that fit inside the program. There are two main funding levels: we have a 50/50 cost-sharing of projects up to $150,000 where the program will be $75,000. We also have a 75/25 cost-sharing program up to $30,000 for smaller companies. The total funding is lower, but we pay 75% of the cost for projects. We also have the ability to move a company from the smaller level to the larger level if additional funding is needed.”
How long is the process to qualify and receive this grant? (5:08)
“Well, the process can take a little time. I can work as fast as the company can, but once we submit the first part, which is an application – or the technical term is a petition – we have a wait for a certification from the Economic Development Administration in D.C. Once we receive that certification, then we move on to step 2, to lay out how the company operates and what areas the company wants to improve. We call that an adjustment proposal: this involves a couple of hour meetings with me, then a week or so for me to write out the plan, and I then submit it to D.C. on your behalf. Once it gets approved, we can move forward on projects immediately with now further approvals from D.C. moving forward. I would say it typically takes 90 to 120 days, depending on delays from the company on completing what is needed.”
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