Efforts to help Maryland small businesses start exporting underway
I just received great news that Maryland small businesses will be on the receiving end of federal funds to help them start exporting their products around the world. Maryland will be getting more than $650,000 in the second round of U.S. Small Business Administration grant funding. The first round proved to be a huge success and the administration expects to report a ten-to-one return on this investment.
The funding will be available to help small business owners take overseas sales trips, translate their websites into foreign languages and design international marketing tools. This will help local businesses reach new markets, increase sales and create new jobs.
The math is simple. Five percent of the world’s population lives in America. That means 95 percent of the potential customers for our goods and services are in other countries. Yet only 1 percent of U.S. companies export and most of those companies export only to one country – usually our neighbors in Canada or Mexico.
Every $1 billion in additional exports adds about 6,000 new jobs and jobs involving exports pay 15 percent more than average. With consumer demand lagging here at home, our economic recovery is going to rely on markets elsewhere. Trade is one of the most important things to help grow the U.S. economy and spur job growth here in Maryland.