Assisting in the Cost of Gaining a Competitive Edge!
TAAC Financial Assistance for business explained
TAAC provides assistance through Financial Grants sponsored by the U.S. Department of Commerce under the Trade Adjustment Assistance for Firms or “TAAF” program. These grants can help you (as a qualified and approved New York, New Jersey and Puerto Rico business) pay for custom-designed programs created to improve your company’s manufacturing, management, marketing, and information technology.
TAAC Grant funds are available in two Cost Share PLAN options:
PLAN 1 — 75% cost share for assistance totaling $30,000 or less
- There is a maximum of $30,000 in total Grant funding
- The company receiving assistance pays 25% of the project fee to the contracted project consultant(s).
- The Federal government pays 75% of the project fee to the consultant through TAAC.
- Provides the highest cost-share percentage available for projects.
- Can fund one or more smaller projects.
Assistance request for a $30,000 business improvement project
- The company pays $7,500 to the consultant (25% of $30,000)
- The Federal government pays $22,500 to the consultant (75% of $30,000)
PLAN 2— 50% Cost Share for Assistance totaling over $30,000 to $150,000
- There is a maximum of $150,000 in total Grant funding
- The company receiving assistance pays 50% of the project fee to the contracted project consultant(s).
- The Federal government pays 50% of the project fee to the consultant through TAAC.
- Provides the highest funding level available for projects.
- Can fund multiple and/or larger projects.
Assistance request for a $80,000 business improvement project:
- The company pays $40,000 to the consultant (50% of $80,000)
- The Federal government pays $40,000 to the consultant (50% of $80,000)
As a grant recipient, you retain control over implementing the business enhancing programs. This includes selecting and utilizing the skills of private-sector technical and consulting firms throughout the marketplace that meet with TAAC approval. TAAC has no stake in who provides these services, other than to make certain the provider is competent, responsive, and working in your best interest. The TAAC will assist in the recommendation or assessment of consultants.
Types of Assistance
The specific types of assistance to be provided by TAAF Grants are determined through completion of a Diagnostic Survey and development of an Adjustment Proposal as part of the funding approval process. TAAC program assistance may include multiple projects of different types to maximize your company’s potential for improvement using your grant. Projects can include but are not limited to:
- Market Research and Analysis
- Strategic Planning
- Business Plan Development
- Lean Manufacturing and Certification
- Traditional Marketing and Sales
- Website Development and Internet Marketing
- General Management Training and Coaching
- Financial Management and Planning
- Information Systems, Technical and Skills Training
- Engineering Process Improvement
- New Product Development
The actual scope of work to be accomplished for each project is defined in a Request for Proposal (RFP) that is submitted for competitive bids.