Upcoming Export Session: Alternatives to Letters of Credit and Trade Adjustment Assistance

You're invited to Join Kathy Edwards, Bank Broker for the Ex-Im Bank,  as she explains how to make smart payment offers for export deals by offering alternatives to Letters of Credit, and Bill Bujalos, Director of the Mid-Atlantic Trade Adjustment Assistance Center (MATAAC), as he discusses how to receive federal grants (up to $75,000) to upgrade your global competitiveness.  

The Export Session is presented by the Virginia Economic Development Partnership (VEDP).

Tuesday, October 26, 2010
9:00am – 12:00pm
Virginia Tech Corporate Research Center
2000 Kraft Drive
Building VIII, Suite 2100
Blacksburg, VA 24060

Register for the Export 302 VEDP – International Trade Seminar

Deadline to register is October 22, 2010. 

Additional Information:

Part 1: Making smart payment offers for export deals, aka “Letters of Credit” alternatives.

If you think that demanding a Letter of Credit from your foreign customer is the best protection you can get, think again! More often than not, your demand for an L/C transaction makes you less competitive  than your  domestic and foreign competition. Does an L/C protect you from great business risks? Hardly! Your foreign customer can provide you a Letter of Credit and you can still “lose your shirt” (pardon the pun). And since there is a third party (the bank that issues the L/C) involved in the deal, and often a fourth and fifth party (corresponding and advising banks) you must satisfy all aspects of the L/C terms “to the letter!” in order to get paid. Discrepancies in the transaction may result in additional bank fees to correct the problem, and may even cause the L/C to become essentially worthless. So, can you avoid the high cost and perils of a Letter of Credit transaction and still protect your financial interest in your international business deal? How can you protect your company and still offer extended payment terms to your foreign customer?  Can you make an offer that makes you look good in the eyes of your foreign customer and still protects “your corporate shirt”? 

Speaker: Kathy Edwards, EX-IM Bank Broker and international business expert.

Part 2: Trade Adjustment Assistance (read: FEDERAL GRANTS) for businesses adversely affected by imports.

Has your business been negatively affected by imports? Ever heard of MATAAC? If so, do you know what MATAAC does and how it could benefit your company? Here is a synopsis:  MATAAC (chartered by the U.S. Economic Development Administration) awards federal grants to businesses to upgrade their global competitiveness. And they’ve been doing just that for the past 35 years.

Specifically, the grant and your matching funds cover the fees for consultants, engineers, designers or industry experts to implement knowledge-based projects in areas including: financial management, IT, marketing, sales, new product development, export strategies, cost control, quality assurance, customer service, manufacturing, engineering, etc. TAA pays for half of the cost of these services, up to a maximum of $75,000. Actual levels of assistance depend on a variety of factors.To find out about “Trade Adjustment Assistance” for businesses adversely affected by imports and how easy it is to prove your case, join our session.

Speaker: Bill Bujalos, Director, Mid-Atlantic Trade Adjustment Assistance Center (MATAAC)

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VT KnowledgeWorks is a sponsor of the Export Session.

VT KnowledgeWorks sponsors include Attaain, Inc., BB&T, Handshake 2.0, Harris Office Furniture, Hodges, Jones & Mabry, P.C., Hutchison Law GroupLeClairRyan, Science Applications International Corporation (SAIC) and The Becher Agency (TBA).

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