RALEIGH ― The Economic Development Partnership of North Carolina now has substantial grant resources to help small businesses exhibit in virtual international trade shows at a time when COVID-19 has shut down in-person events and caused many countries to restrict U.S. travelers.
“Trade events remain essential to generating new sales leads in markets around the world,” said Mike Hubbard, EDPNC director of international trade. “During a pandemic, North Carolina exporters still need to find ways to exhibit their products and connect with new customers and distributors around the world.”
For the first time, the U.S. Small Business Administration has made participating in virtual trade shows or missions eligible for federal State Trade Expansion Program (STEP) grants.
In North Carolina, the EDPNC administers the grants that help small businesses ― defined as having 500 or fewer employees ― afford booth registration, air travel, lodging and marketing-material translation associated with international trade shows.
A recent Exhibitor Media Group survey found 45% of corporate exhibit managers have either participated or plan to participate in a virtual trade show, said Paul Grossman Jr., U.S. director of OCO Global, an international trade and investment consulting firm headquartered in Belfast, Northern Ireland.
“Only 7% of exhibit managers and 9% of vendors and suppliers to trade shows expect trade show activity will return to normal by the end of 2020. Most expect that to happen in the first half of 2021,” he said.
Grossman, who recently presented the EDPNC webinar “Doing International Business Virtually,” said conducting international business online is often more efficient, effective, and affordable than in-person. So he expects virtual trade shows to remain a fixture even after the pandemic ends.
“Getting on a plane to meet with potential partners, distributors, or representatives overseas is expensive,” Grossman said. “Also, virtually you can have face time with an executive that you may not have had even if you traveled to a foreign country.”
“We’re now seeing that a company’s investment in exhibiting in a virtual trade show is about 20 to 25 percent of what would be spent on a traditional trade show,” Grossman added. “But that could change in six months.”
STEP can now reimburse a small business up to $5,000 for registering a virtual trade show booth and up to $6,000 for related foreign-language translation of marketing materials. While few in-person shows are being held, STEP continues to provide grants for exhibiting at those events.
Businesses interested in applying for STEP grants to participate in international trade shows should email the EDPNC international trade division at ITD@edpnc.com. Grants are also available to help businesses translate and search-engine optimize their websites to better generate sales leads in target markets around the world.
Need insights on how to succeed at a virtual international trade event? Click here to view the EDPNC’s July webinar “Doing International Business Virtually.”
About the Economic Development Partnership of North Carolina
The Economic Development Partnership of North Carolina (EDPNC) is a private nonprofit corporation that serves as North Carolina’s statewide economic development organization, committed to serving all those looking to invest in, visit or do business with the state.
Governed by an 18-member board of business and industry leaders representative of the entire state, the EDPNC leads the state’s efforts in business and job recruitment, existing industry support, international trade, tourism and film marketing. The EDPNC, which operates under contract with the North Carolina Department of Commerce, works closely with public- and private-sector partners at the state, regional and local levels. For more information, visit edpnc.com.