World Trade Center Utah grants help local businesses go global
r By World Trade Center Utah
International business is an important part of Utah’s economy. In 2016, Utah exported more than $12 billion worth of goods and services. Approximately 3,500 companies export from Utah, and 22 percent of all Utah jobs are supported by international business.
Even more impressive is the fact that Utah ranks sixth in the nation for export growth over the last decade. Imagine that, a small landlocked state’s exports are growing at a faster rate than 44 other states. None of this success would be possible without strategic international expansion from Utah companies both large and small.
The mission of World Trade Center Utah (WTC Utah) is to help Utah businesses think, act and succeed globally. In an ever-globalized world, looking beyond state and national borders is key to staying competitive. Especially considering 95 percent of the world’s consumers live outside of the U.S., 92 percent of economic growth comes from outside of the U.S. and 80 percent of the world’s purchasing power is located outside of the U.S.
WTC Utah offers consultations and market research to companies looking to go global free of charge. This is made possible thanks to generous support from WTC Utah members and the state legislature. Businesses interested in accessing these services should connect with WTC Utah’s trade services team.
Other services WTC Utah offers include educational seminars, diplomatic luncheons, grants and trade missions.
On October 9, applications will open for the State Trade Expansion Program (STEP) Grant. This program is funded in part through a grant with the U.S. Small Business Administration.
The STEP Grant provides up to $15,000 in funding to eligible companies to help them grow internationally through attending a trade mission, trade show, obtaining translation services, designing international marketing campaigns, etc. Interested companies must apply at www.wtcutah.com between October 9 and October 31.
October is a big month for internationalists in Utah thanks to the Utah Global Forum. The Global Forum is the state’s premier international business event hosted by Gov. Herbert. It will be held on October 17 at The Grand America Hotel. The theme is Prosperity Through Diversity. In addition to the Governor’s remarks, the forum will feature two nationally renowned experts: CNN Correspondent Ana Navarro and U.S. Hispanic Chamber of Commerce President Javier Palomarez. Those interested in attending can visit www.utahglobalforum.com.
The opportunities and resources for global expansion have never been more plentiful. Trade is good for Utah, and companies in the state are well positioned to succeed in global markets. There is no better time to export than now, and no better place to get started than Utah.
