Wyoming Business Council Launches Updated Market Expansion Grant
Cheyenne, Wyo. – The Wyoming Business Council (WBC) is rolling out changes to the Trade Show and Market Expansion Grant, now called the Market Expansion Grant (MEG). The primary focus of the MEG is to help Wyoming businesses overcome challenges associated with expanding into new markets outside the state by defraying costs associated with those activities.
The MEG will cover 75% of approved market expansion activity expenses, up to $4,000. Individual companies are eligible for a maximum of two grants per year based on funding availability. Updates from the previous version of the grant include increased flexibility for proposed market expansion activities, increased flexibility for approved expenditures, lodging cost share, and a simplified digital application.
MEG applicants must meet several requirements to qualify:
Wyoming for-profit business
Located within the state and have a nexus to the state
Intend to stay in Wyoming
Pursue out-of-state markets and eligible market expansion activities
Have the capacity to fulfill orders as a result of these efforts
“The former Trade Show and Market Expansion Grant offered great opportunities for state businesses; however, it was time to make key changes to the program to meet the needs of today’s expanding companies,” said Kaley Holyfield, WBC Business Retention and Expansion Manager. “Our services team listened to business feedback and made strategic adjustments to help lessen the burden and risks businesses face when pursuing new markets. This updated grant helps companies think big with their marketing efforts in order to bring outside dollars back to Wyoming.”
The grant can help Wyoming-based companies tap into outside markets they might not have previously pursued. In doing so, businesses can bring outside dollars into Wyoming which helps further the WBC’s mission to diversify the state’s economy.
“The new grant format allows companies to be more creative with their market expansion tactics and to think beyond traditional trade shows,” said Taylor Vignaroli, WBC Entrepreneurship Development Manager. “This application asks businesses to identify the main problem they are facing when it comes to market expansion so we can direct funds to areas that can truly make an impact.”
For more information about the grant and how to apply, visit the WBC website at wbc.pub/Mkt_Expansion or contact Kaley Holyfield at [email protected] or 307.286.3668.
