International Trade: May Newsletter

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international trade team - michigan economic development corp

MichiganBusiness.org

May 1, 2020

Increases to MI-STEP Budget Categories

It was recently announced that MI-STEP annual reimbursement limits for select budget categories were raised. Additionally, website localization costs are now eligible for up to 75% reimbursement, up from 50%, now through September 30, 2020. For all other budget categories, reimbursement is up to 50% of actual costs incurred by the company.

  • International Website Development annual reimbursement limit was raised from $3,000 to $6,000.
  • Shipping of Sample Products annual reimbursement limit was raised from $2,000 to $4,000.
  • Design of Marketing Materials (brochures, branded giveaways, social media, advertising, etc.) was raised from $3,000 to $6,000 – note: printing is still not eligible for MI-STEP reimbursement.

Learn more about these changes by contacting your International Trade Manager today.


Discover New Opportunities in Brazil
with Tariff Reductions

Brazil

Brazil announced the temporary reduction of tariffs for certain items, many of which are related to the automotive, aerospace, and other sectors. Automotive and aerospace tariff reductions are in place until 2021.

The reductions will be a tremendous help to Michigan companies looking to expand into South America’s largest market of approximately 200 million consumers. In 2019, Brazil was ranked as the ninth largest market for Michigan exports. The tariff reductions remove barriers and will make the market easier to access than ever before.

Interested in learning about what this means for your bottom line?

To see if your company is impacted, check the harmonized codes for automotive and aerospace products. Learn more about these opportunities and other tariff reductions by contacting your International Trade Manager today and get connected with MEDC’s local experts in Brazil.


Virtual Resources to Explore Global Markets

Presented by the Veteran Business Outreach Center
May 27, 2020 | Webinar

VBOC Logo

Are you considering your options into new global markets? Would you benefit from free market research and a customized market-entry strategy? As domestic markets slow down, let MEDC's international trade centers help you to discover new business opportunities!

Join MEDC’s Alyssa Tracey, Director of International Trade, and Brendan Cherry, Navy veteran and International Trade Manager, as they explain how you can utilize virtual resources to grow international sales and the financial assistance available to support export-related activities.

Click here to join the conversation.


SBA Launches Debt Relief Program

In addition to traditional SBA funding programs, the SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. The SBA will pay 6 months of principal, interest, and associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new loans disbursed prior to September 27, 2020.

This financial reprieve includes export loans such as:
• Export Express
• Export Working Capital Program
• International Trade Loan

SBA Logo

Visit SBA's website for more information.


Partner Events

World Trade Week Goes Virtual:
USMCA Key Revisions & Implementation

May 7, 2020 | Virtual

Join the U.S. Commercial Service and the East and West Michigan District Export Councils on May 7 as trade compliance expert John D. Goodrich compares USMCA to NAFTA and highlights what will remain the same and what changes can be expected. Because the Automotive sector will undergo the most dramatic changes, an additional 2-hour afternoon session is being offered to provide a deeper dive into the specific changes. 

Come prepared to work as we delve into the commercial side of the USMCA and learn how your company needs to prepare for the new agreement.

Register to attend today.

USMCA

Michigan Trade & Tariffs Town Hall
Presented in Conjunction with Tariffs Hurt the Heartland

May 13, 2020 | Virtual

Join the Global Business Club of Mid-Michigan for a roundtable that will highlight the stories of Michigan businesses that have been impacted by current tariffs. The virtual event will also provide a Michigan economic overview and potential action items to reduce or eliminate individual effects.

See the full agenda and get registered here.


Infrastructure Projects in Latin America Webinar Series

April - July 2020 | Virtual

The U.S. Commercial Service organized an 8-part Infrastructure Webinar Series focused on upcoming infrastructure projects in Latin America announced by different governments in the region to stimulate their economies. These projects represent a fantastic opportunity for U.S. companies in various sectors. Hear from U.S. Commercial Diplomats, local Government Officials, and private sector experts, and identify upcoming market opportunities and craft a market entry strategy.

Join the experts on May 20 to learn about opportunities to participate in critically-needed southern cone infrastructure projects – Argentina, Paraguay, and Uruguay. Register here

On May 26, learn about the infrastructure sector in Peru, reasons to consider doing business in the country, and resources available to support your company in the market. Register here

Get details on the full webinar series here.


For more information about the MEDC International Trade Program
visit our website or email export@michigan.org.
Follow us on LinkedIn!