At Export Delaware, we’ve been working closely with Delaware small businesses for the last 9 years. We’ve seen firsthand how businesses grow and expand. We’ve found that companies that sell internationally (export) are more profitable, grow faster, and are more resilient to economic fluctuations. They also create more local jobs!
The value of small businesses in the local economy cannot be denied. Small businesses put food on the table of many families in Delaware. They also create products that bring positive change in the world, like solutions for testing the quality of drinking water, lasers that heal injuries, lifesaving parts for pacemakers, and so much more!
The fuel for these small businesses is often not six-figure checks to fund significant capital investments. Business grants of smaller monetary amounts, coupled with Export Delaware’s guidance, have proven to generate big returns!
Just look at the STEP Grant (federally funded in part by the SBA and administered by Export Delaware, a division of the Delaware Department of State) and the new Compass Grant (the state-funded grant also administered by Export Delaware ). These grants offer up to $10,000 for qualified Delaware small businesses to help them navigate international business development activities. Businesses may use the grant funds to exhibit at an overseas trade show, travel expenses to visit potential clients around the world, fees to obtain their CE Mark or translate their product manual into another language, and so much more.
Here are a few examples of how Delaware small businesses have used the STEP Grant:
- A Delaware environmental company participated in multiple Export Delaware business trips using several $3-4,000 grant awards to travel to Mexico to help them land a $100 million contract.
- A woman-owned new to export bioscience company used several small grants to help launch her products in Africa. As a result, it is generating sales there.
- A Newark based disinfection company used $4,450 in Compass Grant funds to exhibit at a foreign trade show and connect with multiple high-value clients. Sales have now come in the amount of $50,000 with more expected!
- A Georgetown based manufacturer used a $6,000 Compass Grant to offset the cost of EXIM credit insurance on a $1 million dollar order.
These are just a few of the examples of how these small grants have helped make a significant impact. By supporting the international growth of these small business enterprises, we unlock high rewards experienced at the local level. As businesses expand to meet the demands of global markets, they inevitably require a skilled and diverse workforce. This employment surge steadies the local economy’s foundation, benefiting state residents for years to come. Our small businesses report that Export Delaware programs have created 100 jobs in Delaware.
To learn more about the Compass Grant and Export Delaware, visit https://export.delaware.gov/compass-grant/.
