New York, October 6, 2009 â€“New York City Department of Small Business Services announced pre-applications are now being accepted for $1.5 million in Training Funds, which will be awarded to New York City businesses to off-set the cost of training their employees.
A single Training Funds award provides up to $400,000 to fund 70 percent of a businessâ€™ training costs. Training Funds can be used for a wide-range of training including: on-the-job, off-site, training led by internal managers or led by an external training provider. In addition to occupational skills, Training Funds will also cover work readiness training such as literacy, numeracy and English as a Second Language.
With economic conditions changing rapidly, many employers are revising their business models â€” and realizing they need to retrain their workers to prepare them for new roles and responsibilities. Training Funds can provide crucial financial assistance to businesses navigating these challenges.
New York City businesses can access $1.5 million in funding by pre-applying at www.nyc.gov/training, or by calling 311 and asking for "NYC Business Solutions Training." The pre-application must be submitted by October 23, 2009 to be considered for funding in this round. Applicants will be rated on their ability to provide workers with career advancement opportunities, increase trainee wages, and impact economic activity in New York City.
Since the programâ€™s inception, New York City has awarded more than $5.9 million to 73 companies to train over 3,900 workers, matched by over $6.2 million in employer contributions. Two-thirds of the programâ€™s funding is from the Center for Economic Opportunity, with the federal Workforce Investment Act providing the remainder.