Government funding: Why should Manufacturers consider funding to support strategic initiatives?

Why Should Manufacturers consider funding to support strategic initiatives?

Navigating through the government funding process can be challenging and complicated for businesses.

Planning and writing applications can take much time and effort but there are many benefits when acquiring funding.

Funding can enable projects that would unlikely occur without additional funds. This includes a wide range of strategic projects, from the purchase of innovative machinery, to hiring and training of new employees, software implementations, and advanced training.

Government grants and loans can add extra money into initiatives, which can lead to expanded projects. This can position companies for growth and make them more competitive in their respective markets.

Manufacturers should be proactive in researching the funding that is available to support pending projects related to ERP. Staying apprised of available funding to help with your specific needs is paramount. If you are unable to find the information on your own there are companies and organizations that can help.

Firms that offer funding support understand the “ins” and “outs” of programs. They can be a valuable resource as they can increase your funding success and ensure your organization receives the best possible outcome.

Here are some examples of what funding can be used for:

• Business expansion
• Capital investments
• Software purchase and implementation training
• Hiring and training of new staff
• Research and development

Here are some auxiliary benefits companies can acquire because of funding:

• Larger project scope
• Larger project scale
• Faster timelines

Funding is an opportunity for manufacturers to propel their business forward – it is an opportunity they cannot afford to miss. I ask you this “Why wouldn’t you consider funding?”.

Government Funding Resources:

US: https://www.manufacturing.gov/programs

Canada: https://www.mentorworks.ca/

Authored by:
Dawn Fludder, Business Solutions Account Manager
Synergy Resources