New Program Will Expand Virginia's Exports
-VALET links the public and private sectors to provide resources for Virginia businesses-
RICHMOND - The Virginia Economic Development Partnership today announced the launch of VALET (Virginia Leaders in Export Trade), a new program designed to assist Virginia companies with international exporting. The first of its kind in the U.S., VALET will provide capital, expert guidance and concrete solutions for businesses committed to expanding into international markets.
“VALET offers the unique combination of funding and private sector expertise as tools to develop international sales,” said Mark R. Kilduff, Executive Director of the Virginia Economic Development Partnership. “This program will ultimately provide jobs for Virginians and lead to greater economic strength for the Commonwealth.”
In order to take part in the program, each eligible business must complete an application process. Participating firms are chosen from a wide spectrum of industries based on their commitment to exporting. The inaugural VALET group consists of nine diverse companies. Each year, the Virginia Economic Development Partnership will accept 15 Virginia businesses into the VALET program.
Each participating VALET company must commit a minimum of $20,000 annually toward their international export strategy. In exchange, the company will obtain $10,000 worth of services from the VALET Program Partners. The Program Partners represent an impressive team of experienced international service providers who have committed to help these companies with their international goals. Service providers such as attorneys, web designers, bankers, translators and freight-forwarders will contribute essential skills for expansion into international markets. Each participating company will also receive $10,000 toward the export transaction costs incurred in the course of a successful international sales effort. Private investment in the inaugural VALET program totals over $600,000.
The Virginia Economic Development Partnership was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the
economy of the Commonwealth. The Partnership is a state authority, which is governed by a 15-member Board of Directors appointed by the Governor. To accomplish its objectives of promoting
economic expansion within the Commonwealth, the Partnership focuses its efforts on business development and international trade.
The following nine companies were selected for Virginia’s first VALET class:
Avtec Systems, Inc. / Satellite Intermediaries / Fairfax
Burlington Medical Supplies / Medical / Newport News
Jefferson Mills, Inc. / Textiles / Pulaski
KITCO / Fiber Optics / Virginia Beach
Nuline Companies / Building Materials / Fredericksburg
Optical Cable Corporation / Fiber Optics / Roanoke
Specialty Blades, Inc. / Manufacturing / Staunton
Super Radiator Coils / Industrial Radiators / Richmond
Virginia Panel Corporation / Interface Connectors /Waynesboro