Small and Medium Enterprises(SMEs) play a vital role in New England’s economy
Despite this, SMEs often struggle to access the training and development opportunities they need to grow and succeed. This is where SME Training Grants come in.
These grants provide funding to small businesses to cover the costs of training and development programs ensuring that these businesses also remain an integral part of the economy.
Let’s have a look at the grants available in some of New England’s states.
1. Commonwealth Corporation Grant (Massachusetts)
Commonwealth Corporation (CommCorp) is a renowned training grant that was established in 1996 and since then has been working to uplift Massachusetts businesses.
The best thing about CommCorp is the different categories of programs it offers, each fine-tuned to a specific need of a business.
For example, the Workforce Competitiveness Trust Fund (WCTF) is designed to enhance workers’ skills and productivity.
Another noteworthy program by CommCorp is the Re-entry Workforce Development Demonstration Grants which works to help individuals return to the workforce after incarceration.
2. WorkInvestNH (New Hampshire)
Formerly known as NH Job Training Fund, the main aim of the WorkInvestNH is to provide employment benefits, help jobless people connect with the right job seekers and provide labor market information to all customers among other things.
If you have been scratching your head regarding how to find a quality workforce to take your business to new heights, the WorkInvestNH grant is one of the best to solve the problem.
3. Vermont Training Program (Vermont)
Vermont Training Program (VTP) provides grants to help businesses invest in their workforce and upskill them.
This includes a range of things: training for new hires, existing workers, training for fresh graduates regarding how to hunt for the right job etc.
Following is the vision of VTP, mentioned on their website which will give you a much clear picture of what the training program is all about.
- Assist with funding employee training projects related to either or both the development and production of new and innovative products, equipment, technologies, market opportunities, or processes that will lead to significant advances in either innovation, productivity or both.
- Use its funds supplement, not replace, existing training efforts
- Assist with both training new employees and training critical to the retention of employees
- Assist with training in transferable skills
- Encourage wage increases for employees
- Collaborate with other state Agencies and Departments to align efforts and funding
VTP has been in operation since July 2016 and since then has assisted a wide range of industries. Therefore, no matter in what niche you operate, VTP will have something for you.
4. Workforce Solutions Maine
Workforce solutions work with job seekers between the age of 16 to 24 years to help them kickstart a fulfilling career.
The institution works in six coastal counties- Lincoln, Knox, Cumberland, York, Waldo and Sagadahoc.
The criteria to qualify for Workforce Solutions Maine assistance is as follows:
- Dropped out of high school
- Have a disability
- Homeless or ran away from home
- In foster care or aged out a system
- Pregnant or parenting
- Trouble with the law
- English is your second language
- Trouble reading or writing
All you have to do is to contact the Youth employment counselor to find out whether you are eligible for the Workforce Solutions Maine or not.
Incumbent Worker Training Grants (Rhode Island)
The training program provides 50% to 75% reimbursement for eligible training activities.
The aim of the reimbursement is to help employers remain up to date with the latest trends and as such remain competitive in the ever-changing business landscape.
The program is available for all Rhode Island employers who fulfill the eligibility criteria.
Check out the website for the eligibility criteria and the application form.
5. Incumbent Worker Training Program (Connecticut)
This training program focuses on training the existing workforce on the latest in-demand skills.
If you realize that technology has introduced new skills in your industry that is necessary for your employees to master to stay ahead of the curve, the Incumbent Worker Training Program might be the best thing for you.
The grants provided are in the range of $5000 to $50,000 per calendar year. The training program provides a Business Services Consultant to a company to assist them with the paperwork of the consultancy.
The eligibility criteria as mentioned on the website as follows
“You must be a Connecticut-based manufacturer with 2,000 employees or fewer and be registered to conduct business for not less than 12 months. Eligible industries include but are not limited to aerospace, medical devices, composite materials, digital manufacturing, other technologically advanced commercial products and services in the supply chain.”
It’s time to take your business to new heights.
Training grants are a lifesaver for SMEs who normally don’t invest in training programs and just go with the flow.
However, with so many opportunities, in the form of grants, to improve your business and stay at par with the latest technological developments, it’s time to take your business to new heights.
So go ahead and take advantage of them!