Rapid technological advancements are making international business accessible for companies of all sizes, but the opportunity for new sales comes at a cost – not the least of which is introducing your product to a new, foreign audience.
The Ohio Department of Development and the U.S. Small Business Administration can help. They offer a grant that will cover up to half the cost of certain international marketing initiatives – including hiring translators, translating a website or other marketing collateral, and the cost of participating in international trade shows.
The International Market Access Grant for Exporters (IMAGE) will reimburse an eligible exporter for 50 percent of the qualifying marketing expenses, up to a maximum range of $6,000 to $9,000.
In order to qualify for the grant, a company must:
- Be in business for at least one year.
- Operate a licensed business in Ohio, and be in good standing with all State of Ohio agencies.
- Be a small business, as defined by the Small Business Administration. The standards vary by industry sector; click here for more information. In general, a manufacturer must have fewer than 500 employees and a wholesale distributor must have fewer than 100 employees.
Your application must be approved before you begin the marketing activities. Application information is available on the Ohio Department of Development’s website. The state received nearly $1 million to distribute via IMAGE grants, and as of today it has received requests for less than half that amount, so there is still plenty of opportunity for a qualified business to cash in on the offer.
For more information, contact a member of the Barnes Dennig tax team at (513) 241-8313.