Gov’t offers up to $10K in incentives to co.’s on export track
The Department of Economic Development and Commerce announced two calls with more than $425,000 available to encourage local companies to export their products and services.
The initiative includes an Export Accelerator to train participants and financial incentives to pay for export initiatives of up to $10,000, said agency Secretary Manuel Cidre.
“In Puerto Rico there are many small and medium-sized companies (SMEs) that have great potential to export their products or services. However, sometimes they don’t have the necessary resources to enter potential markets,” Cidre said.
“Through this initiative, SMEs have the opportunity to access knowledge and incentives that will allow them to maximize development opportunities in their respective companies,” Cidre added.
Companies that participate in the Export Accelerator will have the opportunity to get training and individual advice that will allow them to develop an export plan.
In addition, they will have the opportunity to access economic incentives for its implementation. This project will be carried out in coordination with the InterAmerican University of Puerto Rico in virtual mode.
Likewise, when requesting the incentive for export initiatives, companies may receive up to $6,000 to cover travel expenses, business meetings, participation in international events, website translation, marketing campaigns, trademark registration and business intelligence services and other expenses subject to approval.
The program will also offer up to $10,000 for the development of an e-commerce platform, focused on the export of products and services, he said.
“The global market must be our goal — seven billion people await us who could be our potential clients,” Cidre said.
“We urge entrepreneurs interested in exporting their products or services to take advantage of this opportunity. Those who are already exporting could take their business to the next level and those who aren’t exporting can benefit from the Export Accelerator that will offer guidance and direction by experts in the field on the steps they should take to implement their plan of export,” Cidre said.
The incentives are offered as part of a State Trade and Export Promotion grant from the US Small Business Administration to subsidize the creation of economic assistance programs to the states and their territories, in pursuit of increasing the number of their small and medium-sized exporting companies.
This presents an opportunity to implement a model that proposes to make it more accessible for SME’s to export, as they seek to be competitive in the international market.
For more information, interested parties should send an e-mail to the following address.