NAECO receives $5,000 Grant to Grow Exports
ATLANTA – (August 10, 2017) NAECO® is a recipient of a $5,000 grant and a semi-finalist in the annual Atlanta Metro Export Challenge (Atlanta MEC), a grant competition supported by JPMorgan Chase, UPS and Partnership Gwinnett, which boosts support for small and medium-sized businesses looking to begin exporting or to increase their export programs.
Twenty-eight companies from metro Atlanta were selected as semi-finalists and will each receive a reimbursement grant of up to $5,000 to apply toward expenses related to building export capacity and activities.
“We are certainly honored to have been recognized by the Metro Atlanta Chamber for being one of the selected companies fortunate enough to receive this grant. We want to thank JPMorgan Chase, UPS and Partnership Gwinnett for their support. For a small business like NAECO, this provides a significant opportunity to grow our business in areas that we may not have been able to penetrate without the grant” added Founder and President, David Bergmann.
Many of the world’s most successful aerospace, industrial controls and power management companies choose NAECO as their manufacturer of choice for electrical contacts, contact materials and subcomponents for relays, circuit breakers, contactors, switches and power controls.
To see the full list of grant awardees, click here.
NAECO will have a chance to win additional prize money early next year. Each semi-finalist must utilize the grant funds during the second half of 2017 and show export success to be invited back for the second round of competition at Pitch Day – a Shark Tank-style pitch session before a panel of judges. At Pitch Day, companies will present their exportable product or service, their export success with the initial grant, and a business plan detailing how they will use additional grant funds to increase exports. The top three companies will receive $20,000 (first place), $10,000 (second place), and $5,000 (third place).
The Atlanta MEC will distribute a total of $200,000 over the course of the competition. This competition is one of the key components of the Atlanta Metro Export Plan (MEP), an initiative launched in June 2015 to stimulate economic growth in the region and create quality jobs through exports. The grants competition aims to encourage area companies to export and drive business growth by increasing international sales of local products and services.
The program was created through a grant from JPMorgan Chase as part of the firm’s ongoing work to promote global competitiveness in metros around the country. This year they are joined by UPS, contributing an additional $25,000, and Partnership Gwinnett, contributing $5,000.
“Companies with global perspectives are more likely to create new jobs and tend to be more resilient and innovative as they respond to global market demand,” said David Balos, head of Chase Middle Market Banking. “We applaud the latest round of winners and believe these export efforts will lead to more job creation and growth for our local economy in Metro Atlanta.”
“We congratulate the first round winners for their innovation and focus on global growth. UPS is honored to be a part of this collaborative effort to encourage metro Atlanta companies to explore and pursue export opportunities,” said Bill Seward, U.S. International President at UPS. “Being an integral part of the Atlanta Metro Export Challenge aligns with UPS’s commitment to expand our customers’ horizons and connect a global community through intelligent logistics networks.”
The Atlanta MEP is being implemented by multiple organizations, including the Metro Atlanta Chamber, the Georgia Department of Economic Development, the City of Atlanta and Partnership Gwinnett working in partnership with several other regional and local economic development agencies, public and private organizations.
The MEP is the first phase of Atlanta’s participation in the Global Cities Initiative (“GCI”), a joint project of the Brookings Institution and JPMorgan Chase that aims to help leaders in U.S. metropolitan areas reorient their economics toward greater engagement in world markets.
About NAECO
NAECO is a leading industry supplier of electrical contact materials and precision CNC machining to some of the world’s most successful companies. Serving Aerospace & Defense, Medical, Industrial Controls, Power Distribution, and Transportation applications, we say, “If it flies, drives, roars, or soars, you can count on NAECO being nearby.” With a formula for high quality and exceptional service, NAECO has become a global presence and serves valued customers and partners worldwide.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the web at ups.com and its corporate blog can be found at longitudes.ups.com. To get UPS news direct, visit pressroom.ups.com/RSS or follow @UPS_News.