INTERNATIONAL BUSINESS

UTAH’S PATH TO ECONOMIC RECOVERY RUNS DIRECTLY THROUGH GLOBAL MARKETS

WRITTEN BY: WORLD TRADE CENTER UTAH

Though the coronavirus pandemic is keeping us closer to home than ever before, now is the time to engage globally and pursue partners and customers abroad. International trade and investment are some of the most powerful ways to remedy the economic effects of COVID-19. Businesses that export grow faster during economic expansions and are far more resilient during economic downturns. The United States International Trade Commission reported that during the 20082009 financial crisis, small and medium-sized businesses that exported had more than twice the total revenue of their non-exporting counterparts. These exporters had revenue growth of 37% between 2005 and 2009, while total revenue declined by 7% for nonexporting businesses over the same period. International trade and investment now support nearly one in every four jobs in the state, with small businesses accounting for 85% of Utah’s exporters. Last year, international sales added nearly $5 billion in additional revenue for these small business exporters, and Utah’s export growth rate has led the nation for the past two years. Despite the pandemic’s unprecedented global economic disruption — or perhaps because of the opportunities hidden within the crisis — Utah’s path to economic recovery and revitalization runs directly through global markets, just as it did a decade ago. World Trade Center Utah (WTC Utah) is dedicated to accelerating growth for Utah’s new-to-export businesses and the 3,500 Utah small and medium-sized enterprises that are already competing and winning on the global stage. As a result of participating in WTC Utah’s global business services, international programming, trainings and education events, Utah companies are better prepared to pursue opportunities. By partnering with Utah’s best service providers, WTC Utah can assess a company’s strategy and capabilities before an investment in international expansion is made. “The goal is to catalyze growth for Utah businesses while also mitigating risk,” said Aaron Starks, vice president of global business services of WTC Utah. “Businesses that engage globally grow much faster and are far more resilient than those that don’t. We have the resources that Utah companies need to identify global opportunities, develop a strategy to take advantage of those opportunities, and then compete and win in the global marketplace.” After helping to shape and inform a company’s decision, WTC Utah can provide services to develop a company’s website, refine their marketing, move product and become legally compliant. Each service is provided to help increase international sales and, when applicable, facilitate global investments. WTC Utah also administers public and private grant programs that are designed to catalyze global growth for small Utah businesses, especially those in rural Utah and the state’s multicultural communities. One of these grants is the State Trade Expansion Program (STEP) Grant, which provides small businesses anywhere in the state with up to $15,000 to offset the cost of their international expansion. At $641,000 in funding for the coming year, Utah was awarded a record-high STEP Grant to accelerate the growth of global sales for Utah small businesses. STEP is funded in part through a grant with the U.S. Small Business Administration (SBA). “How exciting! We can partner with any company at any stage and provide the consultative services they need to generate revenue and create jobs for Utah’s economy” said Starks. “Our tendency to think global, work together and lead-out is the recipe to our secret sauce”.

Visit wtcutah.com to learn more and start seizing the international opportunities available to your company.