How can I take advantage of infrastructure bill financing for my industrial business?

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In November 2021, the Infrastructure Investment and Employment Act was enacted. This meant that $1.2 trillion would be spent on improving America’s infrastructure and creating jobs in the industry.

Since last November, a lot has happened. New working groups have already been set up, many groups have received the first round of funding, and many companies have announced new initiatives and plans for their new budgets. Now that the law is officially in place, it is expected that over the next decade approximately 1.5 million jobs per year will be created.

A large part of the budget is for roads, bridges and public transport. Sectors such as broadband, drinking water, airports and environmental sanitation will also receive funding.

In an effort to rebuild America’s infrastructure, create new jobs, and support people, businesses, and the environment through hands-on grants and initiatives, industrial business owners may want to take advantage of this influx of financial support.

Opportunities and funding available for businesses

While many industry sectors can benefit from the Infrastructure Act, projections of increased employment and funding do not directly explain how businesses can benefit. Although there are many ways, it has traditionally boiled down to the state level.

Each of the 50 states has access to specific funding and budgets, which means that financial support is available directly or through funds and programs for businesses, entrepreneurs and employees across the country in various industries. One way to allocate funds is through public tenders, which is when states announce new projects as money is received and provide funds to specific companies.

The Build.gov website was created specifically for the Infrastructure Investment and Jobs Act and offers a variety of helpful documents outlining grants, funds, and other programs that may be of interest to businesses. All categories have been divided into programs with budgets and when funding will be made available.

Below are a few other ways industrial companies are taking advantage of the Bill’s funding.

Find competitive grants and funding

Many competitive grants are available, including the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) grant, which has been used to build bus lanes and repair highways, and grants for port infrastructure development. While there are new funding opportunities and programs, pre-existing programs such as the Abandoned Mines Reclamation Fund program have also received new support.

Grants.gov has a plethora of resources and can be a great place to find the most applicable grants or funding for your business.

Advanced digital data management

Another way for industrial companies to take advantage of the Infrastructure Act is to advance their own technologies such as data capture and management systems.

“Designing, planning, executing and controlling projects has always been a disconnected process involving hundreds of roles among many stakeholders, all using an array of different systems,” Brad Barth writes for News-Record Engineering. “Organizations that have moved to a connected, data-driven approach are already enjoying more efficient and predictable project delivery.”

Future generations, business leaders and employees will need access to the information we have today. If it continues to be stored by methods that are not state of the art, it can lead to miscommunication and a lack of vital information that people will need to continue improving the infrastructure at the coming.

Learn about new and existing programs

Many new programs have been formed in many categories covered by the law. Under these programs, suppliers and businesses have the opportunity to receive additional financial support to make ongoing improvements to US infrastructure such as roads and bridges.

Each of these new programs is categorized by status and purpose. The Tribal Broadband Connectivity Program, the Weatherization Assistance Program, All Station Accessibility, and the Natural Gas Distribution Infrastructure Safety and Upgrade Grant Program are just a few. programs that have been newly developed or recently strengthened.

Image Credit: arrowsmith2 / Shutterstock.com

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