The Maine International Trade Center received a $145,000 grant to support export growth among small businesses.
The grant was awarded by the U.S. Small Business Administration’s competitive State Trade Expansion Program.
“With more than two-thirds of the world’s purchasing power outside the U.S., it’s critical for businesses to reach out to customers beyond our borders.” said Marilyn Geroux, SBA district director for Maine, in a release announcing the award Thursday.
Wade Merritt, vice president and STEP project director at MITC, said the renewed award has been able to support 97 company projects in overseas markets over the past four years. The support resulted in nearly $7 million in new exports, representing a 26 to 1 return on SBA’s investment of just over $250,000, according to Merritt.