SC launches Business Support Program

South Carolina is launching a new program aimed at helping defense-related businesses broaden into new markets and position for future success. The South Carolina Department of Employment and Workforce and the South Carolina Department of Commerce have partnered to launch a defense firm diversification initiative, which offers business consulting services on an application basis to firms that could be adversely impacted by U.S. Department of Defense budget cuts. This support program will assist defense firms in reducing their dependency on Department of Defense procurement activity by encouraging them to diversify into other growing industries, primarily the aerospace and automotive industries. By diversifying portfolios, the goal is that South Carolina-based contractors will be impacted less by cuts in federal defense spending. The South Carolina Department of Employment and Workforce is administering the program with a $700,000 defense industry assistance grant from the Office of Economic Adjustment within the Department of Defense. An eligible firm selected for the program could receive up to $75,000 in the value of services. Funds must be expended by Aug. 31, 2015.