Are you a small business looking to promote and expand your exports abroad? If you’re ready to take on this next step, it’s assumed you’ve already taken advantage of the customized export resources provided by the Department of Commerce to help plan and assess your market fit in countries around the world. Expanding your exports abroad is a huge lift especially for a small company, therefore, it’s critical to understand what government resources there are to help you expand abroad.
Before jumping into several programs below, it’s important to note that the Gold Key Service (a Department of Commerce program) is one of the more popular and most distinguished services put on by a federal agency because of its success with helping U.S. companies execute their exporting plan. The service arranges meetings with vetted international buyers, distributors, partners based on the agency’s existing relationships with these contacts throughout the world. Below are three other key programs that U.S. small businesses should consider:
Finding a partner abroad can be seen as dating. You conduct research, meet that potential partner, and ultimately, you determine if you want to do business with that particular partner. But this process is not as easy as it sounds especially if you’re looking for international partners who will represent your product or service in their respective country. The Department of Commerce uses their vast network of international contacts to set you up with what they think could be “best fit” partners and they also help to evaluate the marketability and sales potential of your product or service in different countries around the world.
Cost: The fee is $550 for small and medium-sized companies and $1,400 for larger sized companies, but prices may vary depending on scope of work.
As the name suggests, this programs helps your business with promoting a specific event in order to educate and sell to key-decision makers in your target market. The event could be a technical seminar, a product launch, a press conference, etc. The U.S. Commercial service team will help market the event online and offline, organize logistics, and provide post-briefings about the event.
Cost: The fee varies depending on the size of the plan and scope of the event.
FUSE is an affordable and efficient way to expand your exports abroad because according to the U.S. Commercial Service, this online directory provides “U.S. companies with a high volume, local-language promotion channel in over 60 markets worldwide and in over 15 different languages.”
Cost: You must be a client of the U.S. Commercial Service to be part of this online directory. In addition, SME companies with U.S. made products are qualified. The cost structure is based on language fees and translation fees. Total costs amount to $300 or less.
Learn How EXIM Bank Can Support Your International Growth
If you’ve made it this far down the blog, then you must be excited to grow your presence internationally! EXIM Bank is here to make that international success dream a reality! We provide export credit trade insurance to protect your small business from nonpayment while allowing you to negotiate payment terms with your buyers. But the most important aspect of insurance related to the information above is that you can vet your foreign partners to ensure they are in financial good standing. To learn more about what we offer, request a consultation here to speak to your local EXIM Bank rep.