By Chloe Mazzone
(July 18, 2017 – ANNAPOLIS, Md.) — A program that is good for business, the economy and Maryland’s international reach? It is called a win-win.
The Maryland Department of Commerce ExportMD grant program helps small and mid-sized businesses finance international marketing in order to increase business, create jobs, and expand Maryland’s economy. And it’s working.
In fiscal year 2016, the ExportMD grant program gave out $500,000 in $5,000 -$10,000 amounts. That’s a significant increase from the $220,000 given in FY 2015.
The program has helped create nearly 600 jobs, 274 directly and 303 indirectly. The creation of these new jobs has helped bring in more than $1.5 million in annual state tax revenues and has led to an economic output of better than $110 million in Maryland.
Small- and mid-size businesses have seen significant growth due to the ExportMD grant program over the years. With increases in the number of grants given and the size of each individual grant, this program has potential to help more businesses and continue to grow Maryland’s economy.
Along with economic growth, the program facilitates Maryland’s international reach. In September 2016, eight companies traveled to Gauteng, South Africa to attend the Africa Aerospace and Defense show, connecting with other aerospace and defense companies across the globe.
One recent grant recipient, Orbit Logic, will join the Maryland Department of Commerce at the Paris Air Show, the largest aerospace industry event in the world. This trip will allow Orbit Logic to connect with potential customers that do not attend American shows. Without the funds from the ExportMD grant, travel to these trade shows may not have been possible.
According to Maryland Commerce Secretary Mike Gill, these global opportunities also allow grant recipients to learn more about foreign trade and investment practices. Gov. Larry Hogan said the program supports an administrative goal for business and economic health.
“Creating more jobs and opportunities for Marylanders is one of our administration’s top priorities,” Gov. Hogan said. “Through this innovative program, we have been able to connect companies in every region of our state with global partners, helping to boost their sales, grow their operations and ultimately bring new economic development opportunities to Maryland.”
Interested businesses can learn who is eligible and apply for an ExportMD grant before the next deadline on Aug. 1.