JPMorgan Chase has agreed to provide another $150,000 in grants to the Milwaukee 7 regional economic development partnership for its Export Development Grant Program.
The program was started in November 2015, and helps small and medium-sized businesses enter new international markets or expand their presence in existing markets abroad.
M7 matches funds up to $5,000 for each company selected in the grant program. The company must submit an explanation of how the money will help it increase exporting.
In its two years of existence, the program has paid out $243,000 to 65 companies for export growth. Of those, 35 companies have completed their projects; collectively, they have grown their export revenue by about $9.6 million.
“By minimizing barriers to exporting, companies are better positioned to increase revenue and create local jobs,” said Brian Grossman, Wisconsin middle market banking leader at JPMorgan Chase. “The results we are seeing from our initial investment are very encouraging. They show the unlimited potential of local Wisconsin companies and the incredible opportunity presented by international markets.”
“The majority of the award winners traveled to international trade shows or participated in trade missions to meet with prospective partners and customers,” said Chad Hoffman, export development director at M7. “In addition, several companies utilized the U.S. Commercial Service’s Gold Key matchmaking service in conjunction with the trade shows to make the most of the trip abroad. Multiple companies also utilized the grant to subsidize the cost of ExporTech, a very beneficial program to assist companies in developing a strategic plan to grow exports.”
Applications for the program are being accepted through June 30. For more information or to apply, visit http://mke7.com/exporting.
