San Francisco, CA (PRWEB) November 19, 2012
In a move designed to improve small business investment in the U.S., the U.S. Departments of Commerce and Labor announced the "Make it in America Challenge", a $40 million competition that will bring U.S. based company jobs back from overseas and increase foreign investment in the U.S.
Beginning in 2013, the competition will make three year grants available to cities, states, nonprofit organizations, universities, and economic development districts who create new ideas and plans to attract companies wishing to manufacture in the U.S. who may be somewhat lacking in resources.
The Commerce and Labor departments are looking to work together to provide the necessary support for local businesses in the U.S. to grow and create new jobs. Another goal is to help communities improve their infrastructure and attract new business to underutilized industrial sites. Finally, they will work within communities to ensure a skilled workforce exists that will attract manufacturers to locate themselves in the U.S.
In short, the "Make it in America Challenge" will be promoting domestic job creation and manufacturing production. The administration feels the time is right for an initiative such as this, due to rising shipping costs and inflation in foreign labor markets. Manufacturers are now more willing to locate themselves in the U.S., where they know they will find a skilled and dedicated workforce. Finally, the growing supply and affordability of energy in the U.S. make it a desirable manufacturing location as energy prices around the world are on the rise.
The U.S. has already seen an increase of over 50% in foreign direct investment since 2009. The Commerce Department is hoping to build on that success with programs such as the "Make it in America Challenge".
To entice U.S. based companies to in-source, or bring back to the U.S., their jobs, the President has asked Congress to put an end to tax breaks for companies that send jobs overseas, and instead provide tax based incentives to those companies who bring jobs back to the U.S.
Efforts and programs such as these are crucial to the livelihood of America and Americans. When a factory is built in the U.S. the jobs created by that factory are quite likely to stay in America for a very long time. Manufacturing jobs like these mean a stronger middle class that will endure for a long time to come too.
There has not been such a good time to invest in America in decades and the world’s business leaders are awakening to that fact. With the proper incentives, such as the "Make it in America Challenge", they will build factories and hire Americans to work in them.
About Sunovis Financial
Sunovis assists small businesses with their lending needs, and specializes in SBA loans as well as short-term business loans. The company motto: rebuilding the U.S. economy, one business and one loan at a time.