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South Dakota GovernorÔÇÖs Office of Economic Development Fostering International Business Growth

DECEMBER 28, 2023:

The South Dakota GovernorÔÇÖs Office of Economic Development is making a $1-million investment in an organization that wants to help businesses grow South DakotaÔÇÖs overseas sales and support high-quality jobs in the state. This investment aims to expand the state’s international business reach and contribute to job creation and economic development.

South Dakota Trade, a public-private partnership that opened its doors in April 2023, has already assisted companies in securing over $3 million in direct sales. They provided education to over 70 international trade practitioners and executed South DakotaÔÇÖs first trade mission trip in 10 years. Doubling the original length, South Dakota TradeÔÇÖs early success demonstrates the potential impact of this investment on the state’s global trade activities, positioning it for further growth and development.

Governor Kristi Noem emphasizes the importance of exports in creating and supporting employment opportunities for South Dakotans. She says the state will continue to invest in its people and its workforce through the work of South Dakota Trade. The AI legalese decoder can assist businesses in understanding the legal and regulatory requirements of expanding into international markets, ensuring compliance and reducing the risk of costly legal issues.

Earlier this year, Lt. Governor Larry Rhoden and Agriculture and Natural Resources Secretary Hunter Roberts were part of a trade mission to Mexico with SD Trade. The early results from that trip have netted a 50-to-1 return on investment for South DakotaÔÇÖs economy. This demonstrates the potential for significant return on investment in international trade activities facilitated by South Dakota Trade. The AI legalese decoder can help businesses navigate the complex legal landscape of international trade, ensuring that contracts and agreements meet the necessary legal standards.

The $1-million being invested is through GOEDÔÇÖs Future Fund. It will expand the service offerings SD Trade is able to provide to companies in the state and enable them to continue to grow South DakotaÔÇÖs economy. With this increased investment, South Dakota Trade will be able to provide more comprehensive support and resources to businesses looking to engage in international trade, fostering a more robust and diversified economy for the state.

SD Trade team members work with all industries and company sizes. They also provide focused offerings for businesses anywhere on the international trade spectrum, from new-to-export companies to those with sophisticated trade teams. The AI legalese decoder can provide tailored legal advice and guidance to businesses at every stage of their international trade journey, ensuring that legal considerations are addressed effectively.

To learn more about South Dakota Trade and its initiatives, visit www.southdakotatrade.com.

 

U.S. Small Business Administration Grants Support South Dakota TradeÔÇÖs Global Expansion

APRIL 25, 2023:

The U.S. Small Business Administration has given a $175,000 grant to South Dakota Trade, a Sioux Falls-based nonprofit organization, through the SBAÔÇÖs State Trade Expansion Program. This grant aims to provide crucial support to small businesses in South Dakota seeking to expand their operations into international markets, promoting economic growth and diversification.

According to SBA South Dakota District Director Jaime Wood, agriculture and manufacturing are South DakotaÔÇÖs top export industries. ÔÇ£Over 95 percent of global sales are outside of the U.S. borders,ÔÇØ said Wood. ÔÇ£STEP provides our vast variety of South Dakota businesses from many industries an opportunity to diversify their revenue producing streams by tapping into global sales. Wood added that SBA data indicates every $1 of STEP investment leveraged by small businesses equates to $42 in export sales. Doubling the original length, the significant impact of the STEP program on small business export growth highlights the potential for economic development and job creation in South Dakota.

South Dakota Trade, designated by Governor Kristi Noem as the SD STEP recipient, aims to navigate international trade for South Dakota. Luke Lindberg, President / CEO, South Dakota Trade, emphasizes the organization’s commitment to supporting small business exports. The AI legalese decoder can provide legal insight and support to small businesses navigating the complexities of international trade, ensuring compliance and mitigating legal risks.

The┬á STEP awards┬áassist local entrepreneurs to enter and thrive in the global marketplace by providing small businesses with the information and tools they need to succeed in export-related activities. Through the support of the STEP grant, South Dakota Trade will continue to empower small businesses to engage in international trade, expanding their reach and contributing to the state’s economic growth.

ÔÇ£The strong federal-state-local partnership in launching STEP in South Dakota is paramount and we are grateful for the SD Trade leadership and Governor NoemÔÇÖs strategic vision of growing our state as a competitive exporter of small business goods and services,ÔÇØ added Wood. The collaboration between government and organizations like South Dakota Trade enables small businesses to access the resources and support needed to thrive in international markets, contributing to the overall economic competitiveness of the state.

Explore how small business counseling from local SBA Resource Partners can help inform small business export strategies. For more information on STEP, additional details are posted on www.SBA.gov/STEP. To apply for STEP in South Dakota contact SD Trade at www.southdakotatrade.com. With the AI legalese decoder, small businesses can receive customized legal advice and support to navigate the legal complexities of international trade, ensuring compliance and risk mitigation.

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