Nevada GOED awards $57K to 8 businesses to support foreign sales
LAS VEGAS — The Nevada Governor’s Office of Economic Development (GOED) on Jan. 31 awarded more than $50,000 in U.S. Small Business Administration grants to eight Nevada businesses — one of which is located on Northern Nevada.
According to a news release from GOED, the grants will assist the businesses “in developing and entering overseas markets, supporting Gov. Steve Sisolak’s efforts to help small business thrive.”
“… I am confident that helping our small businesses expand to foreign markets will only make Nevada’s economy stronger,” Sisolak said in a statement.
The following businesses were awarded a total of $56,995, which will reportedly help them generate up to $2.5 million in foreign sales, according to GOED:
- Bon Tool, based in Henderson, was awarded $5,000
- Geotemps, based in Elko, was awarded $5,000
- Pet International, based in Las Vegas, was awarded $10,000
- Quality Corrections and Inspections, based in Henderson, was awarded $10,000
- Retro Manufacturing, based in Henderson, was awarded $10,000
- Universal Industries, based in Las Vegas, was awarded $5,000
- Free Brands, based in Las Vegas, was awarded $10,000
- Hickory Ridge Group, based in Las Vegas, was awarded $1,995
According to GOED, the department in 2018 received $150,000 in funding through the SBA’s competitive State Trade Expansion Program (STEP).
Of that, $125,000 is available for small businesses to use on pre-approved export expenses such as foreign market sales trips, trade show activities, international marketing materials, export trade show exhibits, overseas interpreters and training workshops.
Keith Paul, communications director for GOED, said businesses can go here to apply for piece of the remaining $68,005 in grants; applications are reviewed on a quarterly basis.
Nevada first started getting STEP grant funding in 2012, and since 2015, more than $220,000 has been awarded to more than 45 small businesses, “generating more than $1.7 million in revenue,” according to the department.
Per the agreement, Caesars will continue to operate Harrah’s for the first half of 2020 before it’s redeveloped into a non-gaming hotel and mixed-use development.