Is your company growing and increasing your workforce?
Is your company growing and increasing your workforce? If so, you'll want to mitigate the cost of new hire training. This can be done with the Iowa New Jobs Training Program, commonly called the 260E. This program is a customized job training and economic development incentive program enacted in Iowa in 1983. It is administered by Iowa’s fifteen community colleges and coordinated by the Iowa Department of Economic Development.
Kirkwood Community College's Tyler McCarville administers these funds. McCarville helps companies who are planning to hire new staff start the paperwork of a 3 step process. “Applying for 260E is very easy. The initial paperwork, which is non-binding, allows a company to start the application process without fully committing to the program. The purpose of this paperwork is to establish a base level of employment to differentiate between what is considered a new job and what would be considered a concurrent job.”
So, even if you are uncertain about hiring in the next two years, it's still prudent to get the process started. McCarville says, “There is really no harm in completing the initial paperwork. Establishing your base level of employment is key to receiving as much funding as possible. If a company decides not to follow through with the program, the only thing they’ve lost is the few minutes it takes filing out the preliminary application.”
ElPlast America's President and Co-Owner, Chad Rupert, worked with McCarville to begin the process months before hiring commenced, "It's very important to a start-up to take advantage of this type of funding opportunity. Cash flow is the hardest thing to control for any business. It's just good, sound business strategy. It was a no-brainer for ElPlast to move on this."
The funds coming from the 260E program are locally qualified and available for all employee categories. Most employment sectors can qualify for the tax credits, but the business must conduct business outside of Iowa to qualify. Manufacturing companies automatically qualify for the credits. Although Kirkwood Community College offers many training options, companies are not required to use them as their training provider.
Kirkwood, however, is a free resource to area employers to get the process moving forward. If you are interested in setting up your baseline now, contact McCarville at firstname.lastname@example.org.