Almost a year ago, Bruce Sherman contributed an article for this column regarding the importance of global business and the resources available for Cayuga County’s exporters. “In today’s global business world, it is not just large companies that can increase sales by exporting or shipping their products outside their own borders…. The ability to export goods helps an economy to grow by selling more overall goods and services, which increases the wealth of our community and region.” Bruce went on to describe the consultation services offered by one of our regional partners, the Central New York International Business Alliance (CNYIBA).
The CNYIBA continues to provide valuable advice and planning to our community’s businesses, and now, New York State is offering the Global NY Fund. This program, part of the Global NY suite of services, offers three new financial assistance programs to help small and medium sized businesses (500 or fewer employees) to increase their export capacity.
First, the Global NY fund includes grant opportunities. Companies can apply for between $10,000 and $25,000 to assist with projects and investments that are directly intended to increase exports. Such projects could include trade missions, translating product packaging, promotional campaigns in foreign markets, product adaptation, or any number of other items that could result in new foreign business. These grants can fund up to 50% of a total project cost. Applications are accepted on a rolling basis and are reviewed four times each year.
Second, the Fund is working with traditional lenders to provide loan guarantees on loans of up to $500,000 for equipment, inventory, or working capital needed to deliver on and service foreign contracts. If you are a lender interested in offering Global NY loans, please reach out to our staff for more information.
Finally, for the ever growing beverage industry, Global NY is offering interest-free loans of up to $50,000 to breweries, wineries, and distilleries. These loans can be used to help bring New York’s distilled and fermented beverages to the global market.
These three opportunities are specifically tied to exports, so only projects aimed at increasing sales internationally will be eligible. More information on these opportunities, as well as applications for the grants and beverage loans, can be found at the Global NY website.
While you’re there, check out other Global NY programs as well. The Export Marketing Assistance Service (EMAS) helps businesses connect with sales agents and distributors globally. Furthermore, the Global NY State Trade Expansion Program (STEP), offered in conjunction with the US Small Business Administration, provides funding, resources, services, and networking opportunities to qualifying small businesses that want to begin exporting. The STEP is particularly interested in supporting certified Minority and Women-owned Business Enterprises and businesses within strategic industries, including Advanced Manufacturing, Agribusiness, and Beverages and Processed Foods.
As Bruce said in his article, “Ninety-five percent (95%) of the world market is located outside of the United States… The opportunity to expand markets for our manufacturers and agribusinesses in Cayuga County lies not just outside New York’s borders, but outside the United States.” If your business in considering looking to tap into the global market or expand your existing international business, don’t hesitate to reach out to CEDA. We can help your business navigate these resources and figure out what will work best for your business. As always, that offer extends well beyond exporting, too. Our staff is here to help with any of your business’s challenges or opportunities.
Tracy Verrier is Executive Director of Cayuga Economic Development Agency and the Cayuga County Chamber of Commerce.