Expanding your business into international markets can be a complex endeavor, but Arkansas offers a variety of state resources to facilitate this growth. From financial incentives to support programs, understanding and leveraging these resources can significantly enhance your global expansion efforts.
State Programs and Incentives
State Trade Expansion Program (STEP) Grant
The STEP Grant, funded in part by the U.S. Small Business Administration, provides financial assistance to eligible Arkansas small businesses aiming to enter or expand into international markets. This program supports activities such as trade show participation, trade missions, market research, and other export initiatives. The World Trade Center Arkansas administers this grant, offering resources to connect Arkansas-based enterprises with international opportunities. (arwtc.org)
Arkansas Economic Development Commission (AEDC) Incentives
The AEDC offers a range of incentives to attract and support businesses, including:
- Community Development Block Grant (CDBG): Supports projects that benefit low- and moderate-income individuals and address urgent community development needs.
- Equity Investment Tax Credit: Targets new, technology-based businesses paying wages above the state or county average.
- Targeted Business Incentives: Designed to assist knowledge-based, start-up businesses at the discretion of the AEDC Executive Director. (arkansasedc.com)
- Dassault Falcon Jet announces $100 million expansion in Little Rock, including 800 more jobs, Published on Tuesday, December 12
- The Shift: Arkansas startup resource rebrands as ARise, Published on Friday, June 21
- Baking company announces $37 million expansion of Arkansas facility, creating 266 new jobs, Published on Thursday, January 11
Arkansas Development Finance Authority (ADFA)
The ADFA provides financing for economic development, housing, infrastructure, and education projects. Established in 1985, it operates as a division of the Arkansas Department of Commerce, supporting affordable housing, small businesses, agricultural enterprises, and capital improvements for state and local government facilities. (en.wikipedia.org)
International Business Resources
World Trade Center Arkansas
The World Trade Center Arkansas connects Arkansas-based enterprises with international markets, offering support for export-oriented initiatives. Their services include trade show participation, trade missions, market research, and other export initiatives. Located at 3300 Market Street, Suite 400, Rogers, Arkansas 72758, they can be contacted at email protected] or 479.418.4800. ([arwtc.org)
Arkansas Department of Agriculture – International Marketing
The Arkansas Department of Agriculture supports farmers and ranchers by connecting them with international buyers and new markets. Through the Southern U.S. Trade Association, they administer programs to help Southern companies meet qualified foreign buyers and promote their products internationally. For more information, visit their website. (agriculture.arkansas.gov)
U.S. Commercial Service – Arkansas
The U.S. Commercial Service provides assistance to Arkansas businesses seeking to export their products and services. Located at 700 W. Capitol Ave, Suite 4413, Little Rock, AR 72201, they can be contacted at 501-251-7472 or email protected]. ([trade.gov)
Success Stories
Arkansas has a history of successful international business expansions. In 2024, the state exported $6.9 billion in goods, supporting an estimated 34,000 jobs. The largest manufacturing export category was transportation equipment, accounting for $1.6 billion of Arkansas’s total goods exports. (ustr.gov)
Conclusion
Leveraging Arkansas’s state resources can provide significant support for businesses aiming to expand internationally. By utilizing programs like the STEP Grant, AEDC incentives, and resources from organizations such as the World Trade Center Arkansas and the Arkansas Department of Agriculture, businesses can navigate the complexities of global markets more effectively. Engaging with these resources can lead to increased export opportunities, job creation, and overall economic growth for the state.