The program is designed to increase the number of Michigan companies that export and to introduce current exporters to new foreign markets and buyers
CANTON, MI (May 7, 2012) —Danotek, a leader in the development and manufacture of highly efficient and reliable permanent magnet (PM) generators and full power converter systems for the global wind energy market, has announced it has been approved for funding from State of Michigan's new State Trade Export Promotion (STEP) program.
Funded by the U.S. Small Business Administration (SBA) and administered by the Michigan Economic Development Corporation (MEDC), the program is designed to increase the number of Michigan companies that export and to introduce current exporters to new foreign markets and buyers.
This three-year pilot trade and export initiative was authorized by the Small Business Jobs Act of 2010, offering matching-fund grants for states to assist eligible businesses to expand their global exports. The STEP program aligns with President Obama's National Export Initiative, which calls for doubling U.S. exports in five years, supporting two million new jobs as well as giving America a stronger competitive edge in the global market. The program provides federal government funding for 65 to 75 percent of program costs, with states supplying the remainder.
Don Naab, President and CEO said, "Danotek is thankful for all the help and assistance of the SBA and MEDC, with special thanks to Jeanne Broad of the US Commercial Services Department, MEDC. With 80% of the world's wind energy business in overseas markets, we appreciate the importance of exports in Danotek's growth. Although we are already supplying our advanced generation systems to wind turbine producers in Europe, there are many more opportunities that this STEP program will help us to develop."
As a qualified Tier 2 company, Danotek's approval is for one year, although the program can be extended for up to three years. Danotek will use the STEP funds to support its exhibit at the AWEA WINDPOWER Expo (www.windpowerexpo.org) in Atlanta, GA in June.