(Communicated by the Ministry of Economy)

The Foreign Trade Administration at the Israeli Ministry of Economy approved NIS 11.2 million for the first stage of the "Smart Money" program. In the first stage, 57 companies submitted 79 requests, of which 39 requests were approved for 31 companies.

The companies that were accepted will receive ongoing marketing assistance from Israel’s trade attachés stationed in the target countries and from experts appointed especially by the "Smart Money" program for the duration of the program, in an effort to increase exports and fulfill the goals set in the companies’ marketing plans for the target countries.
 
The "Smart Money" program aims to reach significant growth in the scope of sales by participating companies in international markets, while focusing on developing marketing capabilities in one or two predefined target markets.
 
As part of the plan, the Foreign Trade Administration at the Israeli Ministry of Economy will grant partial funding for expenses intended to market products abroad or for purchasing services to advance marketing efforts in target markets, including: data aggregation, insurance, training for export activity, presenting products or services including the establishment of commercial presentation facilities, establishing a marketing and distribution infrastructure, participation in expos and conferences, scouting for marketing consultants with knowledge of the target markets, use of web-based marketing and sales tools, advertising and standardization.
 
A company's marketing plan can be up to NIS 1 million, of which the Foreign Trade Administration can subsidize up to 50%. In the first leg of the plan, NIS 11.2 million was provided to companies whose proposals were accepted.
 
Ohad Cohen, Deputy-Director of the Ministry of Economy and Director-General at the Foreign Trade Administration, said: "We have witnessed high demand for various export targets. There is no doubt that this plan will help Israeli companies fulfill their vision of developing in international markets."
 
The "Smart Money" program continues to receive requests. The second round of the program, which is currently underway, will  be completed at the end of December 2014 and will include a special round for the Arab sector, in cooperation with the Authority for the Economic Development of the Arab, Druze and Circassian Sectors at the Prime Minister's Office.
 
This unique round will allow companies to receive increased funding with less stringent application criteria. To be eligible, shareholders owning more than 50% of the shares of the company must be from the Arab sector.