The Maryland Department of Commerce has reaffirmed its dedication to stimulating economic growth within the state through the allocation of ExportMD grants to over 100 small and midsize enterprises over the past year. This initiative, which covers the period from July 2023 through July 2024, aims to assist Maryland businesses in their efforts to penetrate global markets. The grants help defray the costs associated with international marketing endeavors such as trade show participation and travel expenses.
One of the notable success stories among this year’s grant recipients comes from Washington County’s Cornerstone Genomics and Land Cruiser Heaven. These companies, like many others across Maryland, are leveraging the ExportMD grants to bolster their international presence and drive growth. Their achievements underscore the critical role that financial support plays in enabling local businesses to reach new heights on the global stage.
Established in 1999, the ExportMD program provides matching grants up to $5,000 through the Office of International Investment and Trade. This initiative is partially funded by the U.S. Small Business Administration (SBA) through the State Trade Expansion Program (STEP) grants. The collaboration between Maryland Commerce and the U.S. SBA highlights the importance of federal and state partnerships in fostering economic development and supporting local businesses in their quest for international expansion.
Maryland Commerce Secretary Kevin Anderson has emphasized the significance of the ExportMD program, stating, “The ExportMD grant program provides an excellent opportunity for businesses to succeed in our state and around the world—and ultimately bring more growth to Maryland’s economy.” Anderson’s remarks shed light on the broader economic impact of these grants, which extend beyond individual businesses to benefit the state’s economy as a whole.
The diversity of businesses that have benefited from ExportMD grants attests to the program’s broad-reaching impact. From Washington to Wicomico counties, companies have utilized the grants in various strategic ways. For example, Alertus Technologies, based in Baltimore City, invested its grant in Search Engine Optimization (SEO) to enhance its online visibility. Gross Mechanical Laboratories from Queen Anne’s County organized a sales trip to the Netherlands, while ABSI Aerospace & Defense from St. Mary’s County attended the Singapore Air Show as part of a delegation led by Maryland Commerce. These examples illustrate the different strategies that businesses can employ to penetrate international markets, whether through optimizing digital presence, exploring new markets, or participating in international trade shows.
The application process for the ExportMD program is straightforward, with submissions accepted on a monthly basis. Detailed eligibility requirements are provided on the Maryland Commerce website, making it accessible for businesses interested in global expansion. The next application deadline is set for August 1, 2024, offering ample opportunity for additional companies to take advantage of this program.
In addition to the ExportMD grants, the Maryland Department of Commerce supports businesses through its Office of International Investment and Trade. This office works to stimulate foreign direct investment in the state, offers export assistance, and coordinates international trade missions and trade show opportunities for Maryland companies. The state’s extensive network of 18 foreign trade offices, located in strategic global markets, further enhances these efforts by providing localized support and market insights.
The success stories of businesses such as Cornerstone Genomics and Land Cruiser Heaven serve as compelling examples of the potential unlocked by the ExportMD program. These grants not only provide essential financial support but also open doors to new opportunities and markets that might otherwise be inaccessible. As Maryland continues to invest in its businesses through initiatives like ExportMD, the state is positioning itself as a nexus for innovation and global trade.
These investments create a ripple effect throughout the local economy, generating jobs, stimulating growth, and enhancing Maryland’s reputation on the international stage. For more information on the ExportMD program and to apply, businesses are encouraged to visit the Maryland Department of Commerce website. With ongoing support from state and federal partners, Maryland businesses are well-equipped to navigate the intricacies of international trade and achieve sustained growth.
