Foreign Market Trade Events
Small businesses with a product or qualifying service that is selling successfully, especially in the domestic market, are ideal candidates for a foreign market trade event matching grant. This includes small businesses that have never exported their product or export on a limited basis. The boost offered to small businesses that receive a foreign market trade event matching grant often provides the financial support needed to make that first international sale. During the past year, foreign trade event matching grants have helped 53 small businesses in Utah. 43 of the small businesses completed their travel by the end of the last reporting period. They reported $2.12 million in actual sales. They anticipate $51.4 million in export sales over the next three to five years which are expected to support 253 jobs in Utah.
Thirty (30) foreign market trade event matching grants will be awarded to qualifying small businesses to facilitate market analysis and business-to-business meetings on foreign market sales trips, trade missions, or as exhibitors at international trade shows. Maximum awards are $3,600 and require a 25% recipient cash match. Awards may reimburse qualifying expenses related to website translation; participation in international trade training workshops; foreign market sales trips; trade missions; exhibiting at international trade shows; and market analysis, business-to-business meetings, and related services offered by the Utah Export Assistance Center and the World Trade Center Utah.
The trade event must be completed by September 29, 2016. Recipients will demonstrate the ability to make sales within the selected market and meet STEP Project return-on-investment (ROI) sales expectations as shown on the table below. Recipients will report sales related to the trade event to the STEP Project Director on a quarterly basis for 3 years following the trade event.
During the trade event, recipients are required to hold business-to-business meetings with potential clients during the trade event. During the time preceding the trade event, recipients will receive advance planning guidance to help make their experience at the trade event as productive as possible.
Eligible small businesses must meet the following criteria in order to be considered to receive a matching grant.
- Meet SBA size standards
- Is not barred from federal funds
- Is an Eligible Small Business Concern
- Has been in business for more than one year
- Is operating profitably in the U.S. for the past fiscal year
- Is headquartered in Utah
- Is a for-profit company
- Has 3 or more full-time employees
- Has a finished product or qualifying service with at least 51% U.S. content
- Has an export plan
- Scored higher than 66 on the Export Readiness Questionnaire
Ineligible small businesses are one of the following:
- Consulting agencies
- Law firms
- Real estate developers
- Retail businesses
- Hospitality or tourism operators
- Distributors representing clients
- Educational institutions or for-profit schools recruiting students
- Non-profit organizations
- Companies, organizations or individuals recruiting foreign direct investment
- Multi-level marketing (MLM) or network marketing companies
|Small Business Type||3-5 Year Projected Sales|
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.