Vermont Business Magazine The state of Vermont has received a $174,000 grant from the Small Business Administration to assist small businesses reach international markets. This marks the fourth time the state has been awarded a grant through the SBA’s State Trade and Export Promotion Program. STEP’s goal is to increase the number of exporters in the U.S. and increase the value of exports. Vermont has received more than $900,000 since STEP was created as a result of the Small Business Jobs Act of 2010.
The grant will be managed primarily by the Department of Economic Development, a division of the Vermont Agency of Commerce and Community Development. The Department of Economic Development will use the funds to participate in foreign trade missions, export training and compliance as well as company website upgrades to meet the international market.
In 2014, the Department of Economic Development used its STEP grant to bring Vermontbusinesses to MEDICA, the world’s largest medical trade show in Germany. In April it broughtbusiness to AeroMart Montreal, an aerospace trade show in Canada. “I was initially skepticalabout exhibiting at MEDICA 2014 but the exhibit turned out to be very beneficial to us,” saidPaul Millman, CEO of Chroma Technology. “Many of our European customers also exhibited atMEDICA and it gave us a chance to meet them and further our relationships with them. This wasunexpected and greatly appreciated. We look forward to participating in MEDICA 2015.”
“STEP grants have helped the state tremendously because we’ve been able to build increased readiness among Vermont companies, as well as increase real opportunities for international engagement,” said Joan Goldstein, Commissioner of Economic Development. “And I would like to thank Krista Conley who joined us recently as the head of international trade for the State of Vermont. She has worked diligently with the SBA to bring this possibility to fruition and will carry out the deliverables throughout the year. Special thanks as well to our partners at the US Commercial Service and the Vermont Manufacturing Extension Center for their continued expertise.”
“This program is a launching pad for Vermont businesses to sell its goods abroad and grow its business at home,” said Seth Goodall, SBA New England Administrator. “Exporting is very beneficial to the state economy. One out of every five Vermont jobs is tied to international trade and jobs tied to trade generally pay a higher wage.”
With more than 95 percent of the world’s population and 80 percent of the world’s purchasing power outside the United States, future economic growth and jobs for Vermont and America increasingly depend on expanding U.S. trade and investment opportunities in the global marketplace.