Export Sales Program
Program helps Wyoming businesses realize export sales potential
A new state program aims to provide Wyoming businesses with tools to enter international markets.
The State Trade and Expansion Program (STEP) is a $158,000 federally-funded initiative designed to teach firms new to exporting, help seasoned exporters in expanding their markets and grow foreign direct investment in the state.
The U.S. Small Business Administration created the program five years ago, and this is Wyoming’s largest award to date.
Free webinars on topics ranging from international shipping and logistics to international pricing will be held by the Wyoming Small Business Development Center Network once a month beginning at 2 p.m. on Jan. 26. Entrepreneurs will hear from industry experts and business assistance professionals.
Visit http://www.wyomingsbdc.org/index.php/find-training/events to register for each of the five classes online.
Wyoming SBDC Network officials hope to reach about 35 firms interested in exporting as a new business strategy. Companies interested in taking the next step will receive mentorship in creating export plans during a three-month education session.
The STEP grant also provides money for the Wyoming Business Council, the state’s economic development agency, to send businesses to targeted international trade shows in the mining, outdoor and firearms industries.
The Business Council’s goal is to double export sales for companies participating in these shows.
Another facet of the STEP grant will be the International Trade Show Incentive Grant. Participating businesses can receive up to $3,500 in reimbursements for travel to international expos designed to increase exposure and sales.
The STEP grant will also fund a trade mission to the Pacific Rim to help agricultural producers increase export sales by holding face-to-face meetings with international buyers.
Exports are a key driver of any economy because they bring outside money into local circulation. Wyoming’s export market is small, but growing fast. International trade in Wyoming grew 19.4 percent from 2010 to 2015, according to the International Trade Administration. Wyoming businesses now sell about $1.8 billion in exports annually.
Exports feature prominently in the Business Council’s strategy to grow Wyoming’s economy. The agency intends to double foreign direct investment and increase the state’s exports by 50 percent.
Business Council staff will accomplish those goals, in part, by coordinating and developing foreign trade efforts like those planned under the STEP grant.
For more information, visit http://www.wyomingbusiness.org/STEP.
Webinar Series: Export Basics
Exporting – A World of Opportunity!
Date: Thursday, January 26, 2017
Time: 2 p.m.
Why is selling globally important? What are the common myths about exporting? What are the important factors to consider when assessing your company's export readiness? John Privette, SBDC Regional Director and International Trade specialist, will present this basic overview of exporting and how it can transform your business model.
Make the Most of International Trade Shows
Date: Wednesday, February 15, 2017
Time: 2 p.m.
Learn how to optimize your investment in money and time for a productive international trade show experience. Whether the trade show is hosted domestically or internationally, gain great insights from a trade show expert, Russell Hood of Oak Overseas.
International Shipping and Logistics
Date: Thursday, March 23, 2017
Time: 2 p.m.
Learn how to effectively manage your international shipping and logistics with a presentation by Anya Binks, Account Manager with UPS, who has been in the logistics field for over 10 years. Anya will present information on topics ranging from HS Codes, Incoterms, Export Documentation, AES, Certificates of Origin, Export Licensing and Value Added Tax (VAT).
Export Finance/ “How Do I Get Paid?”
Date: Thursday, April 20, 2017
Learn how to navigate the export finance web of exporting. International payments expert Roy Becker, of Roy Becker Seminars, will present information on international payment options, currency exchange considerations, Incoterms and international pricing.
How to Finance Exports?
Date: Thursday, May 18, 2007
Time: 2 p.m.
Learn about export assistance resources and the basics of export finance. Bryson Patterson, Export Finance Specialist, U.S. Small Business Administration, and Sandra Donzella, Deputy Managing Director, Export-Import Bank, will go over the basics of export finance and answer your questions about federal loan guarantee programs for exporters, EXIM export credit insurance and letters of credit.
About the Wyoming Business Council: Our mission is to increase Wyoming’s prosperity. We envision a Wyoming where industries are strong, diverse and expanding. Small business is a big deal. Communities have the highest quality of life. Wyoming is the technology center of the High Plains. Wyoming knows no boundaries. Please go to www.wyomingbusiness.org for more information.