Office of Economic Adjustment Defense Industry Diversification Programs
Accelerating Growth and Innovation in the Defense Industry Supply Chain The Vermont Department of Economic Development is launching several new initiatives to help Vermont businesses that have been impacted by U.S. Department of Defense’s (DoD) spending reductions over the last few years, as well as support the larger regional defense industry in all of New England, thanks to new grant funding from the DoD’s Office of Economic Adjustment (OEA).
Businesses impacted by DoD spending reductions will be offered a business assessment to identify growth areas where gaining additional skills could improve business value and diversify revenues. Additional rounds of in-depth training and a longer-term diversification pilot program also available.
A new organization, the New England Regional Defense Industry Collaboration, is being formed to aid small and medium-sized defense-related businesses in meeting new cybersecurity requirements in the defense industry supply chain. A trusted supplier network will also be created to make it easier for large defense contractors to locate smaller suppliers that are able to meet their production, certification and process requirements.
Defense-related precision metalworking businesses located in Vermont will be given access to technologies such as deposition printing to help expand their skills and remain competitive in today’s market by employing these capabilities for rapid prototyping in both the defense and commercial sectors.
What types of businesses will qualify for these programs?
To qualify for assistance, the Department of Defense must have been the ultimate recipient of products and/or services totaling at least 10% of a company’s sales in at least one of the last five (5) years.
Will grant funds be available for individual businesses?
Grant funds will be used to identify potential participants, to administer assessments and to provide training, but no funds can be provided directly to participating businesses – and funds may not be used for marketing, entertainment, capital assets or other physical assets.
How can qualifying businesses participate?
The Vermont Department of Economic Development is looking for interested businesses! If you believe that your business may qualify, or if you know of another business that you think might qualify, please let us know. We want to have the greatest possible impact on the Vermont economy.
About the Office of Economic Adjustment: The mission of the U.S. Department of Defense Office of Economic Adjustment (OEA) is to support and build relationships with communities impacted by defense program changes by focusing on developing community adjustment strategies. These relationships are intended to elevate the technological knowledge and sophistication of defense-related small and medium-sized manufacturers, improving their competitiveness, ability to innovate, and overall value to the DoD.