Large grant will help First State businesses enter foreign markets
The federal Small Business Administration has given Delaware it’s largest grant ever to help companies in the state enter foreign markets.
The grant of $282,636 will pay for three core things that help businesses enter foreign markets, according to Beth Pomper, export advisor for Global Delaware, which distributes the money for the state.
The first is a series of classes that help small and medium businesses develop an export strategy. There's no strict definition for a small or medium business, but they tend to have less than 250 employees.
The second thing the money pays for is trade mission trips.
"On those trips, business owners meet one-on-one with distributors, manufacturers and sales representatives," Pomper said.
Global Delaware projects that First State companies will make a total of $14 million over the next 18 months from connections they made on trade missions this past year.
The final thing the money pays for is reimbursing small and medium businesses for things like travel-related expenses, foreign marketing and website translation.
Pomper said the money will help Delaware stay competitive with neighboring states.
“If we did not have this funding all these opportunities would not be available for Delaware companies and they would clearly lose out to their Pennsylvania, Maryland or New Jersey neighbors, or other states,” she said.