Yahoo Finance

Jul. 25—Intel Corp. is set to receive up to $5 million from the state to train hundreds of new hires, as the chip manufacturer gets closer to its multi-billion-dollar expansion of its Rio Rancho plant. That's according to the New Mexico Economic Development Department, which said the Job Training Incentive Program money for Intel will help train 480 employees at an average wage of $30.75. The JTIP funding announced for July, the start of the fiscal year for the state, marks a record-breaking effort by the state to help fund training for up to 545 employees and three interns across six companies. JTIP focuses on incentivizing new hires at "economic-based businesses" operating in the state, particularly manufacturing businesses or non-retail service businesses that have more than 50% of their revenue coming from outside of New Mexico. The program reimburses these types of businesses to train the new hires, either on-the-job or through custom training at public educational institutions in New Mexico. Companies receive their full awards — which EDD says now covers up to 90% of training costs, up from 75% previously — at the end of the training periods for new hires. "JTIP is renowned nationally as a great tool to help create jobs and allow local businesses to train new employees, and this month's total of a potential 545 trainees is a huge step for New Mexico to advance the skills of our workforce," EDD Deputy Cabinet secretary Jon Clark said in a statement. Other companies awarded funding in July include: BlueHalo LLC, which has operations in Albuquerque, will receive $436,470 to train 14 workers at an average wage of $54.29. The defense engineering firm has recently expanded its systems engineering services and R&D to support advanced space technologies and space superiority.Emerging Technology Ventures Inc., based in Alamogordo, will receive $121,452 to train four workers at an average wage of $27 and three interns at $21, according to the state. The company focuses on the development of cross-cutting autonomous systems technology startups in environmental management, public safety, precision agriculture and critical infrastructure protection.New Mexico Manufacturing Extension Partnership, based in Albuquerque, will receive $43,650 in Step-Up funding for NM ISO Internal Auditor Certification Training for 20 employers across the state.The Boeing Co. will receive $676,130 to train 20 employees at an average wage of $59.90. The company's Laser & Electro-Optical Systems business unit is located in Albuquerque.TS-Nano Inc., located in Albuquerque, will train seven employees with $140,405 in JTIP money. The average wage for those workers is $35.58. The company manufactures monitoring systems for gas-emitting oil well bores and nano-modified polymer sealants, according to EDD.