Effort will encourage an improved approach to economic development around the country
The Obama Administration today announced that it is accepting applications for the first phase of the “Investing in Manufacturing Communities” Partnership, a new initiative outlined in the President’s fiscal year 2014 budget that will help accelerate the resurgence of manufacturing and create jobs across the country.
Phase One of the “Investing in Manufacturing Communities” Partnership: In the first phase of this effort, the Departments of Commerce and Agriculture as well as the Small Business Administration and Environmental Protection Agency will award at least 25 grants of up to $200,000 each to help regions develop long-term economic development strategies intended to create a globally competitive environment that will attract, retain and expand investment and spur international trade and exports. These “Implementation Strategies” will encourage collaboration at the local level to identify the region’s comparative advantages and assets, and plan investments to expand the area’s appeal to manufacturers. In addition, these grants can be used to help communities prepare for the second phase of this initiative, IMCP “Challenge” grants.
Phase Two of the “Investing in Manufacturing Communities” Partnership: President Obama’s fiscal year 2014 budget includes funds for the Department of Commerce to award five to six IMCP “Challenge” grants, expected to be up to $25 million each. These funds are intended to be supplemented by coordinated investments from several other federal departments and agencies. The 2014 challenge will reward communities for having the best long-term strategies for attracting private investment and increasing exports, and should combine many of the elements companies seek when they are deciding where to locate or expand, such as: 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; well-integrated supply chains; and an engaged community of local government, education, workforce, and business leaders. Full release