Delaware small businesses looking to expand their operations overseas can apply for state assistance starting on July 1.
The state’s Compass Grant program is designed to help small business owners move into global markets with financial support for things like international travel, translation, and compliance with foreign trade regulations.
Delaware Director of International Development David Mathe says when Delaware businesses go global, it pays dividends in the First State.
“International trade can be very lucrative for Delaware companies, and our job is to help encourage them and assist them in expanding their global footprint," he says.
Emma Pautler with Export Delaware says last year’s Compass Grants were a success.
“Last year alone was $27 million in export sales,: she says. "These are real sales from around the world and, of the grants that we gave away last year, in the participating companies, 50 jobs were created and 77 were retained.”
Last year’s grants averaged $2,500 per recipient. Nearly one-third of of those grants went to businesses owned by women, minorities, or veterans. Some 15% were first-time recipients.
Still, Mathe says there is some concern among Delaware businesses about the volatile state of tariffs under the Trump administration.
“It is a concern, but I think hopefully, once all the dust settles from the export perspective, it's certainly going to be a good opportunity for Delaware companies to sell their products around the world," he says.
Interested businesses can find out more about the grants at export.delaware.gov/compass-grant
