WA export efforts get boost through federal grant

Roughly 95% of global consumers live outside the U.S. and command a large percentage of global purchasing power. Small Washington companies now have a better chance at accessing these foreign markets, thanks to a $1.6 million federal grant to the Washington State Department of Commerce. The grant will fund a selection of programs aimed at getting small Washington companies to export to foreign markets, especially China. These programs include:

-A “China Accelerator” that will help small Washington companies get a toehold in the Chinese market, including helping pay for office space in Shanghai and assisting with contacts amongst other services;

– A “Europe Accelerator” that helps Washington companies with booth space at seven European trade shows and connects companies with potential buyers, amongst other items;

– An “Export Voucher” program that helps small companies export, including paying for website translations, trade shows and possibly travel; and

-A “Rural Accelerator” designed to help small rural food and beverage companies export overseas. This program will be run by the Washington State Department of Commerce.

A part of the grant will also be used to promote export finance to Washington banks. The Export Finance Finance Assistance Center of Washington will work on this arm of the grant.

These programs represent great opportunities for small Washington companies and start ups to get a crack at the global marketplace.

Leave a Reply