MARTINSVILLE, Va.--(BUSINESS WIRE)--The U.S. Commerce Department’s National Institute of Standards and Technology (NIST) recently announced the award of over $1.72 million in federal funding per year to GENEDGE over the next five years, as part of a new cooperative agreement to manage the Hollings Manufacturing Extension Partnership (MEP) Center for Virginia. As a business consulting organization, GENEDGE provides manufacturing and industrial assistance through services in strategic growth, process & supply chain optimization, and change management throughout Virginia.
GENEDGE has maintained high marks within the national MEP's performance metrics. Since 2000, the center has helped its clients collectively achieve more than $3.2 billion of cumulative economic impact through: $1.7 billion in retained or new sales; $1.2 billion in cost savings; $358 million in investments made to operations; and 9,809 jobs created or retained. These impacts, along with strategic program activities that align state and federal priorities utilizing solid business, educational institution and industry partnerships, enabled GENEDGE to be selected as one of the 10 state centers nationwide in the first step of a multi-year effort to update MEP’s funding structure.
In a press release issued by NIST, Associate Director for Innovation and Industry Services and Acting Director of MEP Phil Singerman said, “With the increased funding, the centers will have the opportunity to serve more manufacturers and to reach out to those they might not have served in the past, including manufacturers in emerging industries, in rural areas or those that are very small. The funding will also help them to develop new tools to support innovative supply chains, technology acceleration and workforce development.”
“We are honored that GENEDGE was awarded this agreement. Through this expansion of federal funding, we are strengthened to better serve the Commonwealth,” said President / Executive Director Bill Donohue. “The total award, including a base of 5 years plus a 5 year option equals $17.22 million. We will match that with another $17.22 million from state sources and client fees. We expect to serve up to 200 companies a year with this increase, with particular emphasis on increasing services selectively to small companies with 15 to 49 employees.”
“This is good news for GENEDGE, good news for small and medium sized enterprises in Virginia and good news for the manufacturing industry across the Commonwealth,” said Secretary of Commerce and Trade Maurice Jones. “Manufacturing is an increasingly important growth sector for diversifying and building a new Virginia economy.”
Learn more about GENEDGE’s mission to enhance the productivity and technological performance of Virginia manufacturing and industry here.