Delaware Compass Grant: Funding for International Business Expansion and Marketing

Grant Overview

Unlock Global Markets with up to $10,000 in Reimbursement for Delaware Small Businesses Engaging in International Trade and Export Activities

Donor: Export Delaware, Delaware Department of State

About: The Delaware Compass Grant, an initiative by Export Delaware, a division of the Delaware Department of State, is strategically designed to assist small businesses based in Delaware with their ambitions to enter and flourish in international markets. This program provides vital financial support to companies aiming to undertake various international business development activities, including crucial marketing and sales efforts to connect with a global customer base. Recognizing the significant expenses and complexities involved in such expansion, the Compass Grant aims to make Delaware businesses more competitive, profitable, and resilient by fostering their international trade capabilities. For enterprises that have saturated their domestic market or are looking to make a mark at international trade shows, this grant presents a valuable stepping stone.

Functioning on a reimbursement model, the Compass Grant can cover up to 50 percent of pre-approved, eligible costs related to international marketing, with a cap of $10,000 per company within a single fiscal year. This funding can be instrumental for businesses planning to exhibit at overseas trade events, conduct site visits to potential international clients or distributors, or adapt their marketing collateral for diverse foreign markets. Export Delaware highlights that businesses engaged in international sales often demonstrate greater innovation and play a key role in creating local employment opportunities. If your Delaware-based company is poised for global growth, exploring various Delaware grants available on Grantaura can provide a broader spectrum of support.

A wide array of activities are eligible for funding under the Compass Grant. These include, but are not limited to, expenses for securing booth space at international trade fairs, travel costs such as airfare and accommodation for meetings with prospective international partners, fees associated with engaging the U.S. Commercial Service for international partner identification, costs for obtaining essential certifications like the CE Mark for European market access, and expenditures for translating product documentation or localizing company websites for specific international audiences. Furthermore, Delaware small businesses can utilize these grant funds to participate in Business Trips organized by Export Delaware, which provide structured environments for meeting international distributors and customers under expert guidance. Companies seeking to understand the broader landscape of grant categories will find Grantaura a useful resource.

The application pathway requires businesses to submit an online form that outlines the proposed international project and the amount of funding sought. A critical aspect of the program is the necessity for all anticipated expenses to receive pre-approval from Export Delaware before any financial commitments are made, as retroactive reimbursement is not permitted. Upon completion of the approved project or international trip, businesses are then able to submit their claims for reimbursement, accompanied by detailed documentation of the eligible expenditures. It is important to note that this grant is specifically tailored for established, export-ready small businesses physically operating in Delaware and is not designed to support startup ventures. For comprehensive assistance in preparing a compelling application, including business plan development and financial forecasting, Grantaura offers a suite of expert services to enhance your chances of securing this and other funding opportunities.

Focus: International business development, Export activities, International marketing, International sales, Trade show participation, Website globalization, Export training, Market entry support, CE Mark certification, Translation services

Region: Delaware, United States

Eligibility:
– The business must maintain a physical operational presence with employees located within the state of Delaware. Companies merely incorporated in Delaware but lacking such operations do not qualify.
– The primary applicant representing the business must be a citizen of the United States.
– The product or service offered must originate from the USA, fulfilling a requirement of at least 51% U.S. content.
– Businesses must conform to the size standards defined by the U.S. Small Business Administration (SBA), which can vary based on the company’s NAICS code and business type.
– The company is required to have been in operation for a minimum duration of one year; this grant is not available to startup entities.
– Applicants must show a clear comprehension of the various costs involved in exporting, such as those for freight forwarding, customs brokerage, and international packing and shipping.
– A current and actionable strategic export plan must be in place within the company.
– Professional service firms, including those in accounting, legal, and technical fields, may be eligible if they currently serve international clients and can demonstrate a clear intention to expand their export of services.
– The business must be assessed and deemed “export-ready” by Export Delaware.

Benefits:
– Reimbursement for up to 50% of all pre-approved, eligible expenses related to international marketing.
– A maximum grant award of $10,000 per company within a single fiscal year.
– Funding for booth fees when exhibiting at trade shows held in foreign countries.
– Coverage for travel expenses, including hotel and airfare, for visits to potential international clients or distributors.
– Assistance with fees for utilizing the U.S. Commercial Service for International Partner Search services.
– Reimbursement for costs associated with obtaining the CE Mark for product compliance in European markets.
– Financial support for translating product manuals and other relevant materials into different languages.
– Aid for expenses related to optimizing and localizing a company’s website for specific foreign markets.
– Eligibility for travel expense reimbursement when participating in Export Delaware’s organized Business Trips.
– Support for the design of international marketing materials.
– Funding for participation in export education and training workshops.
– Assistance with costs related to compliance testing for international standards.
– Reimbursement for subscriptions to eligible export-related tools and platforms.
– Coverage for premiums associated with EXIM Credit Insurance.

Deadline: Rolling (Applications require pre-approval before any expenses are incurred)

Terms:
– SBA Size Standards: These are criteria established by the U.S. Small Business Administration that define whether a business is considered “small.” These standards vary by industry (identified by a NAICS code) and are typically based on the number of employees or average annual receipts. Meeting these standards is a fundamental eligibility requirement for the Compass Grant.
– NAICS Code: The North American Industry Classification System (NAICS) code is a standardized system used by federal statistical agencies to classify business establishments. This code is crucial for determining a company’s eligibility based on SBA size standards for this grant.
– Strategic Export Plan: A formal document that details a company’s goals, strategies, and planned actions for entering or expanding its business into international markets. Possession of such a plan is a mandatory requirement for applicants to the Compass Grant.
– CE Mark: This is a certification mark that indicates a product’s conformity with health, safety, and environmental protection standards for products sold within the European Economic Area (EEA). The costs associated with obtaining this certification are eligible for reimbursement under the Compass Grant.
– US Commercial Service: An agency within the U.S. Department of Commerce’s International Trade Administration, dedicated to promoting U.S. exports and protecting U.S. commercial interests abroad. Fees for their services, such as an International Partner Search, can be covered by the grant.
– Export Delaware: The official international trade promotion office for the State of Delaware, operating under the Delaware Department ofState. This entity administers the Compass Grant and requires that all project expenses be pre-approved.
– Fiscal Year: A twelve-month period used by companies and governments for budgeting and financial reporting. The $10,000 maximum award for the Compass Grant is applicable per company, per fiscal year.
– Export-Ready: A designation indicating that a business has the necessary resources, commitment, and operational capacity to successfully engage in exporting its products or services. Export Delaware assesses this status as part of the grant eligibility.