State gets $240,000 to promote exports
The federal Small Business Administration gave Nevada a $240,000 grant this month to promote exports.
The grant, dubbed the State Trade and Export Promotion initiative, was funded through the Small Business Jobs Act of 2010. It authorizes the SBA to send up to $30 million to the states each year with the goal of doubling U.S. exports over the next five years. In Nevada, exports pump about $6 billion into the state’s economy each year, according to the Office of Economic Development.
Nevada will need to put up $60,000 to receive its chunk, said Kimberly Elliot, global business liaison for the state Office of Economic Development.
Elliot said the money still needs to enter the state budget via the Interim Finance Committee, which won’t happen until the end of October. She said the governor’s office plans to have the program rolled out by Nov. 1.
“We have to make sure that we are doing our diligence,” she said.
When the state program, dubbed the New Market Access Program, does roll out, it’ll likely be used in two ways, according to the Small Business Administration website:
• Reimburse companies for 50 percent of pre-approved marketing expenses in international markets; and
• Conduct a state-directed trade show overseas pushing one of Nevada’s “cluster industries.” Early possibilities include going to China to market aeronautical parts and services or Brazil for analytic equipment and consumer electronics.
Carson City has ties to industries for which each of the countries are targeted.
Gov. Brian Sandoval will announce the details in coming weeks, according to a press release from the Office of Economic Development.
“Companies that have hesitated to explore global expansion due to economic uncertainty now have the education and the financial assistance to move forward and succeed,” Sandoval said in the release. “This is a great day for Nevada’s small businesses.”