Nevada GOED awards $57K to 8 businesses to support foreign sales
January 31, 2019
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.
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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.