With budget sequestration and the ongoing pull-back from Iraq and Afghanistan, defense budgets are being reduced. Generally, this is a good thing, especially if military funds can be deployed for other needed purposes. But, the ongoing and coming defense budget cuts will mean some pain for communities, businesses and workers who have relied on defense contracts over the past decade. Fortunately, the Pentagon is starting to gear up to provide a helping hand to affected areas. The Defense Department’s Office of Economic Adjustment (OEA), which works with defense impacted communities, today announced a new investment program for communities facing job loss due to defense budget cutbacks. The Federal Funding Announcement can be accessed here, and can also be found in the June 17, 2013 edition of the Federal Register. This program is likely the first down payment on what should be a multi-year effort to help defense-dependent communities, businesses and workers. OEA has a long and impressive history of helping defense communities. If you are facing major defense industry cuts in your region, this program may help you develop a more effective strategy for transition and recovery.