State Provides Funds for Workforce Training for Second Consecutive Year
The state has renewed the popular Ohio Incumbent Workforce Training Voucher Program that provides funds to reimburse eligible employers for certain training costs for their employees.
A total of $27 million in grants will be awarded on a first-come, first-served basis. Applications for the grant program will be accepted for review on September 30, beginning at 10 a.m. A pre-application became available on September 5. If you wish to take advantage of this program, I encourage you to visit the website as soon as possible to review the program’s guidelines for this new round of funding.
Last year in the first year of the program all available funds were accounted for on the first day of the application period so it is crucial that clients who seek funding be ready to apply on September 30.
The program provides training dollars to Ohio’s incumbent workforce through a unique public-private partnership with Ohiomeansjob.com. The program’s goal is to help employers retain and grow their existing Ohio workforce and create a statewide workforce that can meet the present and future demands in an ever-changing economy.
The program is not a tax credit. It is designed to offset a portion of an employer’s costs to upgrade the skills of its incumbent workforce and provides reimbursement to eligible employers for specific training costs accrued during skill-upgrade training. Eligible employers must demonstrate that by receiving funding assistance their business will not only obtain a skilled workforce but will improve their company processes and competitiveness.
The program will reimburse employers for the cost of the training up to $4,000 per employee and/or up to $250,000 per company per fiscal year once the employer has paid the full cost of the training. The employer’s contribution must come from private sources and must not include any previously acquired public funds. The match does not include wages.
As a result of the information about last year’s program in our Insight newsletter, a local company applied for funding and received nearly $40,000 in training reimbursement costs. You may similarly benefit from this program, but you must be ready to apply when the application period begins on September 30.
Let us know if we can be of assistance in helping you with the application process.