Economic Development Secretary-designate Manuel Cidre announced two calls of more than $425,000 to incentivize the exportation of products and services.
This initiative includes an accelerator to train the participants, as well as economic incentives upwards to $10,000 to finance the exportation initiatives.
"There are many small- and medium-sized enterprises (SMEs) in Puerto Rico that have a great potential to export their products or services. However, sometimes they don't have the necessary resources to venture into potential markets. Through this initiative, SMEs have the opportunity to access knowledge and incentives that will allow them to optimize the development opportunities in their respective enterprises," Cidre stated.
The companies participating in the export accelerator will have the opportunity to obtain training and individual advice that will allow them to develop an export plan for their company. In addition, they will have the opportunity to access economic incentives for its implementation. This project will be carried out virtually in coordination with the Inter-American University of Puerto Rico.
Moreover, when requesting the incentive for export initiatives, companies may receive up to $6,000. This includes travel expenses, business meetings, participation in international events, website translation, marketing campaigns, trademark registration and business intelligence services, and others subject to approval.
In addition, up to $ 10,000 will be offered for the development of an e-commerce platform. This incentive should be used to cover design expenses for an e-commerce application focused on the export of products and services.
"The global market must be our goal, seven billion human beings await us who could be our potential clients. We urge all businesspersons 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 are not exporting can benefit from the Export Accelerator that will offer guidance and direction by experts in the field on the steps they must take to implement their plan of export," the official said.
These incentives are offered as part of the State Federal and Export Promotion (STEP) of the U.S. Small Business Administration (SBA). This is a federal initiative designed to subsidize the creation of economic assistance programs to the states and their territories, with the purpose of increasing the number of their SMEs' exports. This presents an opportunity to implement a model that proposes to enhance the exporting strategy of SMEs that seek to be competitive in the international market.
Interested entrepreneurs can obtain details on the participation requirements by sending an email to firstname.lastname@example.org. Incentives are subject to availability of funds. Every application will be evaluated preliminarily and, if they are deemed consistent with the requirements established to participate, they will be notified in writing so that they can deliver the necessary documents.