Virginia received a State Trade Export Program (STEP) grant from the U.S. Small Business Administration to facilitate the acquisition of international partners and customers for Virginia companies. Virginia’s STEP grant was made possible through the funding of the Governor’s Virginia International Trade Alliance (VITAL) initiative.
“The goal of VITAL is to help Virginia companies’ efforts to grow and diversify their customer base, and as a result of this initiative, Filtroil had the opportunity to go to a global marketplace to expand their clientele,” said Governor McAuliffe. “International trade is a key part of my plan to create jobs and build a new Virginia economy that is less reliant on the federal government, which will result in strong, sustainable long-term growth for Virginia’s private sector.”
In late April, the Virginia Economic Development Partnership (VEDP) led a trade mission with six Virginia companies, including Filtroil, to Hannover to market their products and services. Key technologies – from research and development, industrial automation, IT, industrial supply, production technologies and services to energy and mobility technologies – were exhibited at the event.
“Helping Virginia businesses sell their goods and services abroad is one of our most effective business expansion strategies, and Filtroil’s success demonstrates the key role that Virginia’s international trade programs play in helping companies expand into global markets,” said Virginia Secretary of Commerce and Trade Maurice Jones. “VITAL was created to accelerate Virginia companies’ engagement with the global economy, resulting in stronger, more resilient businesses and more jobs for Virginians. We congratulate Filtroil on this milestone and look forward to seeing more success stories as we continue these initiatives.”
Filtroil signed new distributor agreements in three new markets: India, Bolivia and Denmark. The company left Hannover Messe with fifty potential leads, exceeding expectations threefold.
“We had 22 appointments before I even got on the plane to depart for Germany,” said Filtroil President Jeremy Leahman. “Our booth was busy from the first day – three qualified distributors signed in the first two days. The time and money you would have to spend to get all that accomplished would have been over $50,000.”
The Commonwealth of Virginia exported more than $36 billion in manufactured goods and services in 2014. Exports of Virginia’s products and services to the world are vital to the growth of the Commonwealth, with an economic impact of more than $18.7 billion dollars in labor income, $2 billion dollars in tax revenue and the creation of nearly 321,000 jobs.