The Process
GLTAAC engagements entail three steps: application to the TAAF program, assessment of the business, and implementing business improvement projects. Companies qualify for up to $75,000 in matching funds to support these business improvement projects.
GLTAAC works with a firm to make sure they qualify for the TAAF program. More information about qualifying can be found here.
GLTAAC will compile the actual application (called a Petition) from information provided by the firm. Once approved for the program, a GLTAAC Project Manager works directly with the company to assess the business and develop a recovery plan. The plan summarizes the company's strengths and weaknesses. It then identifies and defines specific projects to improve competitiveness.
Finally, the firm implements its plan with GLTAAC covering half the cost of projects. Companies have up to five years to use funding. However, funding can typically be used at a faster pace of three years. More immediate use of funds can be considered, if available. More about projects is available here.
Program Costs
- Phase 1: The Application Process is free
- Phase 2: The Assessment Process - 75% of the costs in this phase are covered by the Economic Development Administration. Typically, firms pay $1,000 - $4,000 to complete the business assessment phase.
- Phase 3: Implementation - Companies cover 50% of the cost to implement projects.