Delaware small businesses looking to get a leg up on the international market have some new help coming from state and federal officials.
The U.S. Small Business Administration announced $17.4 million in new grants Monday – about $275,000 of which will go to the First State.
$100,000 of that money will go toward reimbursing businesses for meeting with prospective business partners in their home countries, international marketing materials and for going to trade shows. Delaware Department of State is kicking in another $92,000 from their budget to the total.
Right now, that reimbursement share is up to 50 percent of the cost with a $2,000 maximum cap, though state officials are looking to raise that cap to $5,000 if the SBA approves.
Maria Contreras-Sweet, head of the agency, says options like business meetings abroad and international marketing can get expensive.
“These meetings are often cost prohibitive to small businesses who wish to export and so we’re pleased to say that now we’re able to come in, step in and help small businesses reach additional markets and additional export sales opportunities,” Contreras-Sweet said.
State officials have been pushing businesses to increase international relations in recent months – especially with an eye towards Canada, Germany, Mexico and South Korea.
The remaining money outside of the $100,000 set aside for reimbursements will go toward several state-led trips to those countries planned for the next year, according to Beth Pomper, a state export advisor.
So far, Pomper says the state has received two applications for the grants, which will remain open until money runs out.
