The Trade Adjustment Assistance, or TAA program, has undergone a significant set of changes due to the recent TARP legislation and the American Recovery and Reinvestment Act of 2009 as part of the stimulus bill. The industries and companies that are eligible for assistance has been expanded and now more than ever is a good time to apply for the TAA program in Florida. Manufacturing companies in particular can take advantage of Trade Adjustment Assistance to finance capital projects to boost productivity and manufacturing efficiency.

Using a 50/50 match through the TAA program, manufacturing firms can put that infusion of capital to good use. Production management and manufacturing software can help manage projects, increase efficiency, and manage inventory all without retooling the manufacturing process.

Qualifying For Trade Adjustment Assistance

The TAA program is for any manufacturing company that can demonstrate that they have lost at least 20% of their business to overseas competitors. About 80% of the businesses that apply are accepted and receive match capital up to $75,000 to fund new projects. This ultimately results in the ability to implement new projects at half the costs with no repayments. These projects usually consist of hiring contractors or consultants to implement recovery plans, upgrading manufacturing processes, or putting any number of quality control, process engineering, or production planning systems into place.

There is a proven track record of companies using the TAA program to fuel recoveries and stage 33% annual growth numbers. A wide range of industries, from automotive to textiles, toys to fittings, and plastics to petroleum have all utilized this match program to fuel growth through CAD/CAM projects, information technology systems, marketing and sales initiatives, and business plan development.

Part of the expansion of the TAA program legislation includes new rules for inclusive of more businesses that can apply and qualify for assistance. New industries and sectors have been added along with additional methods for determining and demonstration business losses.

Where Manufacturing Businesses Can Allocate Capital

For manufacturing companies, there is one particular project that can greatly improve process efficiency. Manufacturing software has the capability to instantly increased productivity without requiring a retooling of fabrication processes. The TAA program's matching funds will pay for services and training for new technology on manufacturing software and ERP solutions.

Manufacturing software and enterprise resource planning applications can help foster growth in a firm with production enhancement, business forecasting, and customer relationship management. Production management and enhancement is achieved with a thorough integration of production planning, resource tracking, and scheduling of manpower, materials, and capacity.

How Manufacturing Software Empower Businesses

Having these tools put together into one software package also fosters communication between departments to keep engineering, operations, management, and sales well informed and on the same page. Fluid communication allows for a flexible, responsive, and proactive manufacturing facility. Changes in schedule, manufacturing practices, or project priorities can be communicated rapidly to minimize lead and lag times. With this information readily available across a company, production planning becomes a science rather than an art, allowing firms to leverage their time and resources to maximize productivity and direct resources to the timely completion of high value orders.

Business forecasting and customer relationship management are also a vital component of manufacturing software and its implementation through Trade Adjustment Assistance can bolster any company. Keeping projects on schedule and clients happy will create repeat business and help capture a greater market share back from losses overseas. Combining sales with after-sales service is required in order to exceed customer expectations and secure future work.

These manufacturing software tools can be leveraged into every facet of business and production operations. Marketing and sales can use production information just as much as operations can use business data to prioritize work orders. Integrated departments allows for an integrated approach to the entire business cycle from sales and advertising strategy, inventory management, fabrication, distribution, shipping, and human resources.

The TAA program allows for these types of projects to be completed whereas before available capital was a barrier. Since the costs of implementation are cut in half and do not require payment, the return on investment occurs twice as fast. In addition, the overall rate of return is also higher due to the immense upfront cost savings. Increased eligibility is enabling more firms to access Trade Adjustment Assistance in order to help fuel the American revival.