The state of Vermont now has more resources to help businesses expand their markets overseas, thanks to a new grant from the U.S. Small Business Administration and the promotion of Vermont Global Trade Partnership’s Becky Fu. The $163,000 State Trade and Export Promotion Grant (STEP) will be used to assist businesses in developing new overseas markets, host training workshops and seminars such as the highly successful ExporTech, learn about export opportunities, conduct trade missions, and bring businesses to important international trade shows.
Lisa Gosselin and Becky Fu at VBM Rising Starts 2013. VBM photo.
Becky Fu, who has served as the International and Foreign Trade Specialist with the Department of Economic Development for the past two years, was instrumental in applying for the grant and has been promoted to Manager of International Trade. As such she will oversee its implementation. “Every time I am able to help a Vermont business with trade issues, I am thrilled,” Fu said.
Fu is originally from China, where she passed China’s bar exam before coming to Vermont to earn her law degree at Vermont Law School, magna cum laude. Fu, who will continue to report to VGTP Director Brent Raymond, was named a Rising Star by Vermont Business Magazine in 2013.
“Becky is a tremendous asset to our department and to Vermont,” said Lisa Gosselin, Commissioner of the Department of Economic Development. “The combination of her legal expertise, experience with foreign business and overseas government regulations, and her enthusiasm and dedication make her ideal for this role.”
The program has already put the grant to good use: in November Fu helped bring four businesses (Advanced Illumination, Chroma Technology, Numia Medical and North America Connexions) to MEDICA in Dusseldorf, Germany – with more than 130,000 attendees the world’s largest medical trade show — as part of a Best of New England consortium. The grant will also help Vermont businesses attend Aeromart Montreal this winter and Arab Health, in Dubai, in the spring.
“MEDICA was a fabulous show for us,” said Eric Flachbart, CEO of Numia, “we were approached by several very credible parties and have signed non-disclosure agreements with three of them. But for the Vermont Global Trade Partnership, we would not have been able to attend and garner the valuable exposure we received.”
With more than $4 billion in annual exports, Vermont has the highest per capita exports in the nation and $1.4 billion come from small businesses. VGTP, often working in tandem with important partners (such as the US Department of Commerce, the Small Business Administration, the Vermont Small Business Development Centers, the Vermont Manufacturing Extension Center and the Vermont Chamber of Commerce) works to train and aid businesses in expanding their overseas markets.
About the Vermont Global Trade Partnership: VGTP, a part of the Department of Economic Development and housed in the Agency of Commerce and Community Development works with Vermont businesses to expand their markets overseas, create valuable international partnerships and attract foreign opportunities to Vermont.