Small businesses looking to expand their export activities can now apply for grants of up to $6,500 from the New Hampshire Department of Business and Economic Affairs.
The money comes from a $250,000 grant the state received through the U.S. Small Business Administration’s State Trade Expansion Program.
The grant is designed to help small businesses enter larger markets they might not have considered before. Adam Boltik, who manages international programs for the New Hampshire Department of Business and Economic Affairs, says businesses could use the money for a variety of activities: attending trade shows, translating a website or marketing materials, doing market research on a foreign country, or meeting with potential business partners.
Boltik says the department wants to reach underserved communities, such as immigrants and rural communities, that could take advantage of international opportunities.
The department can reimburse 80% of the costs of approved activities, but participating companies will need to contribute a 20% cash match.
To be eligible, companies must be in operation for at least a year and have no more than a thousand employees. This year, Boltik said the department is paying attention to small operations that want to improve their digital capacity after they were affected by COVID-19 restrictions.
“This is a program we have available for many startups; 95% of their potential trade is outside the United States,” said Boltik.
Boltik said his agency is ready to help business owners who might need assistance developing ideas on how to use this funding.
In last year’s round, the department was able to serve 52 New Hampshire businesses with a number of different activities designed to increase their exports. Boltik said that funding resulted in $15.8 million in new exports and 483 jobs created or retained.
Complying with international regulations could be expensive, Boltik said, and it can be a turnoff for a lot of businesses.
“This new grant can help reduce the risk, particularly for those who have not exported for the first time,” he said.
The deadline to apply is October 21, 2022. More information is here.
