Maine gets $121K to boost small biz exports
The Maine International Trade Center, freshly returning from a trade mission to China, will receive $121,000 in federal money to promote small business exports from Maine.
The award, announced Monday, comes from the U.S. Small Business Administration to support four overseas trade shows hosted by MITC for Maine businesses.
"With 95% of the world's consumers living outside of the United States, exporting gives small businesses the opportunity to reach new markets, increase sales and create jobs," SBA Administrator Karen Mills said in a statement released Monday.
The amount for Maine this year is down from the $146,000 awarded last year.
In total, the SBA gave out $30 million nationally — including $720,856 for Massachusetts, $293,692 to New Hampshire and $212,533 to Vermont — as part of the State Trade and Export Promotion program approved last year under the Small Business Jobs Act.
The SBA intends for the money to increase the number of small businesses looking to export and to increase the value of products already exported by small businesses.
Based on preliminary results for the program last year, the SBA said it expects a reported return on investment on the order of 10-to-1 for the program.
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