Vermont seeks $350,000 in permanent funding to expand in‑market international business outreach

Lindsay Curley, secretary of the Agency of Commerce and Community Development, and Joan Goldstein, commissioner of the Department of Economic Development, told the House Committee on Commerce and Economic Development on Feb. 20 that they are seeking a $350,000 increase in base funding to expand international business development work.

The request would institutionalize in‑market representation and outreach that the state has financed with one‑time money in recent years, Goldstein said. “Our first budget request is an increase in base funding of $350,000 for international business development,” she told the committee.

Why it matters: Committee members heard that the state’s short, project‑by‑project approach limits the agency’s ability to convert cold leads into actual expansions. Goldstein said Vermont’s recent Canadian in‑market representative produced hundreds of leads that turned into “warmer leads” and then several companies that expanded into Vermont. “You can’t catch fish unless you get yourself in the water,” she said, arguing for continued on‑the‑ground capacity.

How the program works: Tim (who heads the agency’s international business group) described the stepwise pipeline used for lead generation: outreach and market research, engagement at trade shows, and local representation in target markets. He said contracted in‑market representatives contact dozens of companies monthly; from roughly 400 initial leads the team typically narrows outreach to a handful of seriously interested firms and ultimately fewer that look for property in Vermont.

Targets and uses: The lawmakers were told the $350,000 base increase would incorporate the existing Canadian contract (about $75,000 per year) while allowing project‑based in‑market work in Europe and Asia at selected trade shows and events. Goldstein listed target geographies and events referenced in testimony: Northern Europe (including Germany trade shows), the U.K. and Ireland, and markets in Southeast and East Asia such as Malaysia, Indonesia, Japan and Vietnam. She said a 10x10 booth at a major international airshow can cost about $35,000, noting that “you gotta pay to play.”

Site readiness and tools: Committee members pressed on Vermont’s ability to host firms that decide to expand here. Officials said a recurring bottleneck is lack of suitable industrial or food‑grade buildings and inconsistent property listings statewide. Goldstein said the agency plans to purchase a property‑listing platform to centralize available commercial real estate and connect incoming companies with local partners, and that the request would support that type of upfront work.

Related supports: Joan Goldstein and agency staff also described complementary programs such as the $5 million rural industrial development grant program that the legislature appropriated to help RDCs with predevelopment and redevelopment of industrial space. Goldstein said roughly half of the initial $5 million has been awarded to projects so far.

Discussion, not decision: Committee members signaled interest and offered suggestions — for example, that the agency coordinate commercial listing data with Vermont Association of Realtors and local MLS feeds — but no formal vote or final direction was recorded.

What’s next: Agency staff said the $350,000 request appears in the governor’s recommended budget and asked the committee to consider moving the base increase to avoid repeated one‑time requests that constrain timely outreach and trade activity.