Utah companies wishing to expand globally could receive help from a new grant program established by JPMorgan Chase & Co., World Trade Center Utah (WTC Utah) and Salt Lake County. The Utah Export Acceleration Grant was announced at the Winter Innovation Summit held recently in Salt Lake City.
WTC Utah will manage the grant, which is funded by a $200,000 contribution from JPMorgan Chase.
“JPMorgan Chase & Co. selected Utah to receive funding because of its strong, emerging economy and large number of small to medium-sized businesses,” said Derek B. Miller, president and CEO of WTC Utah. “Companies in Utah are well positioned for international expansion and this grant will provide the means for them to get the help they need.”
“JPMorgan Chase is pleased to be a part of this exciting announcement in support of global expansion in partnership with the WTC,” said Craig Zollinger, managing director for JPMorgan Chase in Salt Lake City. “We support initiatives that provide opportunities for businesses striving to take their products and services to international markets. It’s this type of grant that can transform small businesses and we view this as a critical step in providing a successful framework as it relates to export acceleration.”
WTC Utah and Salt Lake County previously worked with JP Morgan Chase and the Brookings Institution on the Global Cities Initiative (GCI). The outcome of GCI was a plan to increase exports in the Salt Lake metro area. The Utah Export Acceleration grant will be an important part of accomplishing this goal.
“Salt Lake County is primed for a new era of economic development, which includes focusing on global opportunities. This generous grant will help kick-start our regional export plan and will lead to more hiring by businesses that are serving global customers,” said county Mayor Ben McAdams.
Funds from the Utah Export Acceleration Grant must be used to pay for services or resources that help the awardee’s company grow internationally. A few examples of services/resources that would qualify include legal and consulting work, money to conduct international market research, help covering the cost of translation services or funding to attend a trade mission.
The program launched last month and applications are available online at www.wtcutah.com. Submissions will be reviewed on an ongoing basis, so a business interested in receiving funding can apply anytime over the next year. Companies are eligible to receive up to $10,000 in funding depending on specific needs related to their international expansion.
International business is an important part of the Utah’s economy. The state exported $13.3 billion worth of goods in 2015 and is ranked fourth in the nation for export growth. This grant will provide access to resources companies need to help them export for the first time or expand into new international markets.
