FastTrack, Tennessee’s state funded program, includes:
- FastTrack Infrastructure Development Program, which is community-generated
- FastTrack Job Training Assistance Program, which is company-generated.
Under the guidelines of this program the state can make grants to local governments to help them meet the public infrastructure requirements for locating and expanding industries as well as address the training needs of a company. Both programs require application for financial assistance.
FastTrack Infrastructure Development Program (FIDP)
The FastTrack Industrial Development Program is Tennessee's initiative to support the public infrastructure needs of the local community to support expansion or location of industry.
Project funding is determined by evaluating each project in terms of capital investment, new jobs created, the types of the created jobs, and the community in which the project locates.
Once a targeted funding amount of eligible activity is established, final approval is subject to FIDP funding appropriated by the Tennessee General Assembly and approval by the Department of Economic and Community Development's Loan & Grant Committee. There are state regulations that apply relative to procurement/bidding procedures.
FastTrack Job Training Assistance Program (FJTAP)
The FastTrack Job Training Assistance Program is Tennessee's initiative to support industrial recruitment and expansion through direct training assistance for newly hired employees, employees in upgraded positions, and employees retained through instruction.
FJTAP staff assists each individual company to develop customized training plans and to provide funding. Eligibility for FJTAP support and levels of funding for training assistance are determined by:
- The amount of company investment.
- The number of new hires.
- The types of skills and knowledge that must be obtained by prospective or newly hired employees.
Job Specific Training
- Training assistance is targeted to production/technician level individuals.
- Classroom - formal instruction relating to specific skills presented in a classroom environment.
- On-the-Job Training : instruction that focuses on the development of specific skills and knowledge vital to production. Training is provided by company technicians or instructors mutually acceptable to FJTAP and the company.
- Vendor : manufacturer of actual manufacturing equipment or service provider being used by the client may be utilized to deliver specific skills training.
- System Support : instruction associated with plant-wide applications. Instruction may include new methods for increasing mechanization, quality, materials handling, etc.
- Development and Coordination: supports the cost associated with the development of instructional materials and coordination of the overall training program.
- Supporting the expense of travel for the purpose of training can be considered as a viable option for the training of new hires and especially for persons who will serve as a company instructor.
Job Based Training
This program offers potentially faster reimbursement monies associated with training. Once the project commitment is determined and cost per job established, this quick-start program may offer the company an accelerated portion of training dollars.
- After the first 3 months (60 work days), the company records are reviewed (proper documentation will be required) for the number of new jobs created.
- Calculation is made to determine the salary paid to those new jobs multiplied by 25%.
- Calculation is made of predetermined cost-per-job multiplied by the number of jobs created during this period.
- The company will be entitled to Job Based Training dollars for whichever above scenario is LESS.
- After 3 additional months the same calculation is run, with proper documentation, to allow an additional 25% computation on salaries for jobs created during the period, compared to the calculation of number of new jobs multiplied by again, the established cost-per-job.
- The company is again entitled to JBT dollars for whichever scenario is LESS.
- Depending on the number of new jobs to be created during the periods of review, it may be possible for the company to receive the entire training commitment if the total committed job number is reached.
- It is the company's elective to pursue the training commitment in either type of reimbursement method or in a combination thereof. If the commitment is not met in JBT, then direct training can be used for the balance if the total job commitment is met.
Employee Recruitment and Screening
The Tennessee Department of Labor and Workforce Development, Job Service Division, will provide recruitment and screening services. Utilizing the client/company's prepared job specifications, Job Service will recruit the number of persons requested by the company.
The persons will be screened using the company's specifications. Those persons meeting the specifications will be referred to the company for employment considerations.
• Leadership Training : Is directed toward providing supervisors, team leaders, and managers with the interpersonal skills necessary to motivate and lead production workers towards the accomplishment of organizational goals.
• Team Training: Is provided for manufacturing/production employees where interpersonal communication is important in fostering interdependence, cooperation, commitment, motivation, etc.
• Instructor Certification : Certification of company personnel insures the availability of certified instructors not only at startup but also on a long- term basis. The weeklong certification seminar provides candidates with the facilitation skills necessary to deliver a wide range of programs.
State Industrial Access Program (SIAP)
Other state assistance can be considered for providing needed transportation improvement for the project. Through the State Industrial Access Program (SIAP), local governments submit their requests on behalf of new industry moving into their communities, which the Department of Transportation reviews to determine the most feasible design.
Industrial Revenue Bond Financing
Industrial Revenue bond financing is available in Tennessee for both taxable and tax-free situations.