One of the riskiest business plans for U.S. business owners is entering a new global market or contracting with an international trade partner. But the process does not have to be fraught with stress if you know what to look for, which is where the U.S. Commercial Service comes in.
The U.S. Commercial Service (USCS) is the promotion arm of the U.S. Department of Commerce’s International Trade Administration. The agency has trade professionals in more than 100 U.S. cities, including Phoenix and Tucson, as well as U.S. embassies and consulates to help American companies get started in exporting and to support other companies hoping to increase global sales.
On Feb. 2, the USCS is hosting a free webinar about the ABCs of export due diligence. The no-obligation event will provide useful tools which business owners can utilize to quickly and confidently screen prospective international partners.
Then in late March, the U.S. Commercial Service is hosting a Central America Trade Mission & Business Conference in Guatemala for American businesses ready to expand into -or ramp up- business far south of the border.
The conference will explore markets in Belize, Costa Rica, El Salvador, Guatemala, Honduras, and Panama, and will include region-specific sessions, market entry strategies, export compliance, legal, logistics, disaster resilience and recovery, and trade financing resources.
Attendees can also prearrange one-on-one consultations with officials of the U.S. & Foreign Commercial Service or the U.S. Department of State with expertise in commercial markets throughout the region. More information on the Central America Trade Mission is available at https://www.trade.gov/central-america-trade-mission
In May, USCS is hosting Trade Americas – Business Opportunities in the South America Conference held in Sao Paulo, Brazil. The conference offers U.S. companies the opportunity to explore eleven South American markets: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, and Uruguay.
According to USCS, the South America region’s nearly 400 million potential customers make the area a natural commercial partner for U.S. companies due to its close proximity and closely-tied history and culture. In addition, several trade agreements between the U.S. and various South America countries aim to enhance cooperation on trade and investment.
The USCS office in Phoenix recently added a new member to its team of trade professionals. Colin Hudson joins USCS following several years with FedEx, where he held multiple roles in international business development.
Hudson, who is originally from England, has lived and worked in Asia-Pacific and Latin America. He relocated to Arizona from Florida, and brings experience to USCS in assisting clients from different sized companies and industries in managing and growing their global presence. In his most recent position as a FedEx Worldwide Account manager, Hudson helped companies open new markets in diverse locations such as India and Poland.
Personalized assistance is available to Arizona companies engaged in global trade or considering an expansion into an international market. The USCS staff is assigned based on industry or location:
The National Institute of Standards and Technology (NIST) is seeking comments about eight emerging technology areas: Artificial Intelligence, Internet of Things in Manufacturing, Quantum Computing, Blockchain Technology, New and Advanced Materials, Unmanned Delivery Services, Internet of Things, and Three-dimensional Printing, to assist in the preparation of a report to Congress.
A Request for Information (RFI) was announced in the Federal Register under the Consolidated Appropriations Act of 2021 by the Secretary of the U.S. Department of Commerce, who is directed to coordinate with the Federal Trade Commission and other federal agencies to complete a study of the eight emerging technology areas.
The RFI seeks comments about public and private sector marketplace trends, supply chain risks, legislative, policy, and the future investment needs of the technology areas to help identify, understand, refine, and guide the development of the eight emerging technologies. Those eight areas are, more specifically:
Artificial Intelligence—on the state of the artificial intelligence industry and the impact of such industry on the United States economy,
Internet of Things in Manufacturing—on the use of internet-connected devices and internet-connected solutions in manufacturing in the United States,
Quantum Computing—on the state of the quantum computing industry and the impact of such industry on the United States economy,
Blockchain Technology—on the state of the blockchain technology industry and the impact of such industry on the United States economy,
New and Advanced Materials—on the state of the new and advanced materials industry, including synthetically derived materials or those with enhanced natural properties, and the impact of such industry on the United States economy,
Unmanned Delivery Services (air or ground)—on the impact of unmanned delivery services on businesses conducting interstate commerce and the impact of such industry on the United States economy, rules and regulations,
Internet of Things—on the state of the internet-connected devices industry and the impact of such industry on the United States economy, and
Three-dimensional Printing—on the state of the three-dimensional printing industry and the impact of such industry on the United States economy.
For each emerging technology area, NIST needs input useful to the fostering of economic growth and competitiveness across the United States for benefit all Americans.
As a result, the NIST is inviting stakeholders throughout the scientific research, standards, advocacy, industry, and non-scientific communities, as well as the general public, to provide comments. From the comments, a Congressional report will be developed “in a manner consistent with its mission to promote U.S. innovation and industrial competitiveness,” according to the RFI.
Comments must be received by 5:00 p.m. Eastern time on Jan. 31. To submit comments electronically, go to www.regulations.gov and enter NIST-2021-0007 in the search field. Click on the “Comment Now” icon and complete the required fields, and then enter or attach your comments.
Only two weeks are left to apply to the Economic Development Administration (EDA) for grant funding under the American Rescue Plan Act for Travel, Tourism, and Outdoor Recreation.
The EDA aims to assist communities and regions in recovery from the coronavirus pandemic’s significant negative impact on the travel, tourism, and outdoor recreation sectors. The grant program is designed to provide a wide-range of financial assistance to communities and regions to rebuild and strengthen their travel, tourism, and outdoor recreation industry through various infrastructure and non-infrastructure projects.
EDA, which is part of the U.S. Department of Commerce, has already issued $510 million in tourism grants directly to states, including nearly $6 million to Arizona. Another $240 million is set aside for EDA Competitive Tourism Grants to at least 150 applicants.
According to EDA, eligible entities are a public or private non-profit organization or association acting in cooperation with a general purpose political subdivision of a State; an institution of higher education or a consortium of institutions of higher education; a State, county, city, or other political subdivision of a State, or a consortium of political subdivisions; an Indian Tribe or a consortium of Indian Tribes; or a District Organization of an EDA-designated Economic Development District.
Eligible applicants for EDA’s Competitive Tourism Grants are advised to apply no later than Jan. 31, so the agency can review and process the application in time to get a potential award in place prior to deadlines imposed by Congress. Any award is subject to the availability of funds.
When all of the investment income earned by Maricopa County residents is combined, the county ranks #13 in the United States with an Investment Index of 26.48. By comparison, Pima County ranked 79th in the nation with an Investment Index of 4.93.
That’s the findings of SmartAsset, which used data sourced from the Internal Revenue Service’s Statistics of Income County Data to compare the 3,006 counties in the U.S. on three metrics: Net Capital Gains, Ordinary Dividends, and Qualified Dividends*. The rankings are based on countywide totals without a per capita adjustment.
“We calculated an Investment Index for all U.S. counties based on a combination of these three statistics and ranked them accordingly to provide a holistic view of what areas of the U.S. are generating the most investment income,” SmartAsset announced Friday.
The Top 10 counties by Investment Income are:
New York County (NY), Investment Index of 100.00
Los Angeles County (CA), Investment Index of 80.03
Cook County (IL), Investment Index of 57.25
Palm Beach County (FL), Investment Index of 45.24
Santa Clara County (CA), Investment Index of 44.64
King County (WA), Investment Index of 41.81
Harris County (TX), Investment Index of 34.25
San Francisco County (CA), Investment Index of 31.78
Miami-Dade County (FL), Investment Index of 30.17
Orange County (CA), Investment Index of 30.11
*Ordinary Dividends are payments made by a company to their shareholders and are taxed as regular income, whereas Qualified Dividends are dividends that meet certain requirements set by the IRS and are taxed at a lower capital gains tax rate. Net Capital Gains refers to the amount an asset has increased or decreased in value realized when the asset is sold.
Jelena McWilliams, the Trump-appointed chairwoman of the Federal Deposit Insurance Corp. (FDIC) and only Republican on the board of directors, is resigning her position after accusing three Democratic directors of engaging in “a hostile takeover” of the agency responsible for maintaining stability and public confidence in the nation’s financial system.
News of McWilliams’s unexpected resignation effective February 4 was buried in a press release issued on New Year’s Eve. She took the helm of the FDIC in June 2018 after being confirmed by Congress to serve a five-year term as chair of what is supposed to be an independent agency that examines and supervises more than 5,200 banks and financial institutions for safety, soundness, and consumer protection. It also manages receiverships and insures deposits.
McWilliams’ announcement came just two weeks after she submitted an op-ed to the Wall Street Journal warning of the politization of America’s banking system.
The former executive vice president for Fifth Third Bank wrote of how for nearly 90 years day-to-day FDIC operations were delegated to its chairman, who controlled the board agenda and “worked collaboratively with other board members” regardless of political difference.
But that collegiality ended in late October, according to McWilliams, when the three Democratic-appointed members teamed in an effort to begin a FDIC review of the standards used for bank mergers without McWilliams’ assent.
Those other members are Michael Hsu, acting Comptroller of the Currency; Michael Hsu. Rohit Chopra, director of the Consumer Financial Protection Bureau; and Martin Gruenberg, former FDIC chairman who is serving on a temporary basis because the Biden Administration has not moved to fill two vacant board positions.
The FDIC may not have more than three directors of the same political affiliation. President Joe Biden, by keeping one of the five seats open throughout his first year in office, has been able to impede McWilliams’ inherent powers as chair.
McWilliams, who previously served as chief counsel on the U.S. Senate Banking, Housing and Urban Affairs Committee, initiated a program at the FDIC called Trust through Transparency in an effort to make the FDIC more accessible, understandable, and responsive. As part of that initiative, she visited in person with stakeholders in 30 states prior to COVID-19 then continued the visits on a virtual basis, including a meeting with the Arizona Bankers Association.
The Republicans on the U.S. House Committee on Financial Services tweeted Monday about concerns with McWilliams’ resignation.
“The attempted power grab by CFPB Director Chopra and Interim Chair Gruenberg raises serious concerns about @FDICgov‘s independence. Dems’ support for this unprecedented action exposes their ongoing effort to politicize our regulators for their own gain.”
McWilliams also continues to have the public support of industry groups due to her efforts to ensure all stakeholders were heard. One such supporter is Richard Hunt, the CEO of the Consumer Bankers Association.
“A total class act who always sought balance—much to my chagrin at times,” Hunt said after learning of McWilliams’ resignation. “The FDIC cannot operate where the minority is not represented.”
While many Arizona businesses see a productivity downturn over the holidays, small business owners know there is often little time for respite. And that is where the Arizona Small Business Development Center (AZSBDC) Network can be of help.
The AZSBDC Network works with small business owners to preserve and create small business jobs and revenue by helping launch, grow, and sustain businesses in every stage of development. There is also confidential support for small businesses seeking guidance on federal, state, and local contracting opportunities.
The free services offered by AZSBDC includes resource assistance, training programs, and free one-on-one counseling with specially trained advisors who have small business ownership and management experience. Several training programs are available each month on subjects from how to decide if being a small business owner is a right choice, to business plan development and review, and addressing cyber security issues for a small business.
Many of the training programs are provided online, while others are conducted in person at one of the 10 AZSBDC offices (Casa Grande, Flagstaff, Kingman, Phoenix, Prescott, Show Low, Sierra Vista, Thatcher, Tucson and Yuma) or multiple satellite offices located throughout the state. There are also some Spanish language programs.
Upcoming online subjects include:
Jan. 5 – Is a Small Business Right for Me?
Jan. 11 – 10 Steps to Starting a Business in AZ
Jan. 12 – 10 Steps to Cyber Secure Your Small Business
Jan. 19 – AZ Business Startup Clinic
AZSBDC can also assist with advice and resources for small business owners trying to navigate the ever-changing COVID-19 landscape. More information about the network of Small Business Development Centers in Arizona can be found at https://azsbdc.net/