SBA Administrator Announces Export Funding at Vistage Member Company Delkor:
Delkor Systems, Inc. Utilized SBA Export Funding and Loan to Expand Companys Global Network and Bring Jobs to Minnesota
San Diego, September 25, 2012 Karen Mills, Administrator of the U.S. Small Business Administration, announced FY12 export funding for small businesses in Vistage member company Delkor Systems, Inc., a thriving Minneapolis packaging machinery manufacturer on September 24, 2012. The funding is part of the State Trade and Export Promotion (STEP) Program, a 3-year Federal-state trade and export pilot partnership, intended to increase the number of small businesses that export and the value of exports by the small business sector.
Delkor designs and manufactures packaging machinery. Delkor received STEP funding last year from the Minnesota Trade Office to expand their global network to South America and Mexico. This funding allowed the company to participate in the Packaging Machine Manufacturing Institutes Pack Expo in Mexico City earlier this year. As a result of this trip, Delkor now has a business contact in Mexico who works directly with his company; has hired three bilingual employees; and anticipates $1.5 Million in export sales to Mexico for 2013.
Delkor has also benefited from SBAs export working capital loan for the support of export sales. In addition, Delkor has plans to expand their sales to Central America and the Andean region of South America. Delkor received Minnesota’s Export Award in 2012 and this growth in export activity has resulted in strong job growth at the company – 67 new employees in the past two years. In October the company will move to a new 115,000 square foot facility.
The STEP Program was authorized by the Small Business Jobs Act of 2010 for a three year period, and funded at $30 million per year, for the first two years. Under it, competitively awarded grants can be made to the 50 states, District of Columbia, Commonwealth of Puerto Rico, Virgin Islands, Guam, and the American Samoa.
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