COVID-19 Update: International Trade Division Continues Providing Global Insight for Georgia Enterprises
As we work through the effects of COVID-19, GDEcD continues to prioritize health and safety while remaining committed to advancing Georgia’s economic development and to our business communities.
Together with our domestic and international partners, our nationally recognized International Trade division is charting a path forward while helping Georgia companies develop and adapt new strategies for the evolving environment.
The International Trade team continues to arm our companies with the resources they need now, troubleshoot unforeseen complications resulting from COVID-19, and provide a tailored approach for the evolving global landscape. These proactive measures will help us ensure that Georgia maintains its position as the No. 1 state to do business, and weathers this crisis.
Pivoting Strategies
Early on, the state began marshalling resources to respond to the COVID-19 virus, and Governor Kemp called on all businesses who are able to help in providing necessary medical resources. We stand ready to help companies pivot from their original export strategies to better assist the state’s efforts in providing healthcare workers and first responders with critical supplies to fight COVID-19. This past week alone, our trade team communicated with more than 70 Georgia businesses.
Assessing Impact
We recognize the volatility that COVID-19 has already caused. We also understand that its impacts may vary across international markets and regions. More than 14,500 companies in Georgia are involved in exporting in any given year, and 89% of these are small businesses. We’ll continue to analyze the effects of this global pandemic and update local businesses with available state and federal resources as they are announced.
As deputy commissioner for International Trade, and vice president of the State International Development Organization, I have been in constant communication with trade professionals from across the United States and around the world to discuss best practices during an evolving international trade environment. Members of our team have also continued telecommunication with our International Representatives and domestic partners regarding export restrictions and supply changes. Within the last week, our trade team participated in 10 webinars and had more than 200 interactions with local, state, federal and industry association partners to discuss current obstacles and strategize for the future.
Troubleshooting Complications
As governments work to stop the spread of COVID-19, we understand that many factors remain unpredictable. Our trade representatives remain active in 12 strategic global markets and serve as our boots on the ground for Georgia companies seeking market insights and solutions as the situation evolves. That way, Georgia companies - both big and small, can remain focused on their primary responsibilities and achieving their goals, even while confronting COVID-19.
Our trade team takes pride in its ability to provide strategic export counseling, specifically tailored to each individual company’s needs and objectives. Over the past few weeks, our databases have been vital resources for our partners and our business community as our team continues to use these resources to help our companies identify new suppliers and adapt supply chains to keep operations moving. As business priorities and supply chains change, we will continue to provide in-depth analysis and expertise, and customize plans and growth strategies to fit our businesses’ international goals.
Charting forward together
Trends show significant export growth for the state over the past 20 years – nearly tripling the numbers from 20 years ago. Over the past decade, Georgia exports have increased by 43%, and total trade is up 70%. In the second quarter of fiscal year 2020 alone, our team provided more than 500 businesses in the state with customized export assistance and supported more than $11.5 million in exports.
We anticipate that our numbers will be “off” in the coming months as we continue to feel the effects of COVID-19 on the economy. However, we are confident in our state’s and our business partners’ ability to innovate and chart forward. The diversity of Georgia’s economy and our export markets keep the state well-positioned to bounce back from the current challenges, and we know that our numbers will continue to trend upward in the long-term - as they have over past 20 years. At the federal level, trade negotiators continue to push for new bilateral agreements with key trading partners, to keep the global market open to U.S. products and services.
Resources
We encourage companies to take a look at the resources that the state and federal governments have already made available. We will continue to update our website as additional resources are announced.
SBA loans
We recognize that 89% of the state’s exporters are small businesses. On March 18, Georgia received an official statewide disaster declaration from the U.S. Small Business Administration (SBA). This declaration will provide assistance in the form of SBA Economic Injury Disaster Loans (EIDL) to small businesses and nonprofits impacted by COVID-19 in all 159 counties in Georgia to help with financial obligations and operating expenses. Georgia businesses are encouraged to apply as soon as possible, and ahead of the December 18 deadline. To get started, click here.
Current SBA disaster loans are deferred until Dec. 31, 2020, and borrowers with a current SBA 504 or 7(a) business loan can contact their lender to request deferrals up six months.
For individual questions on disaster loans, call 1-800-659-2955 (TTY: 1-800-877-8339), email [email protected], or use the website.
Export Georgia, USA Directory
The Georgia Department of Economic Development’s International Trade division continues to work with Georgia companies that are seeking to identify new customers for products and services around the world. This Export Georgia, USA Directory is a free international marketing tool, which provides an online platform for Georgia companies interested in promoting their products or services globally to international buyers.
Export Import Bank
The Export Import Bank of the United States is offering relief provisions, including waivers, deadline extensions, streamlined processing and flexibility, for exporters whose operations have been impacted by COVID-19. Georgia exporters can learn more here.
More Information
For inquiries and additional assistance, the Georgia Department of Economic Development stands ready. To contact us, please click here.
Author: Mary Waters – Deputy Commissioner, International Trade
April 1, 2020