World Trade Center gets $1M grant from U.S. Commerce Dept.

The U.S. Commerce Department on Wednesday awarded the World Trade Center of Greater Philadelphia Inc. a three-year $1 million grant to increase exports among small- and medium-sized businesses in the region.

"The Trump Administration is committed to supporting local businesses which have suffered from unfair trade in the past," Secretary of Commerce Wilbur Ross said in a news release. "I look forward to seeing how this plan will help companies throughout the region expand as well as increase exports."

The trade center estimated that it will use the money from the Commerce Department's Economic Development Administration to directly assist 200 businesses, hold 30 export events, and leverage over $200 million in new exports from sectors including health sciences, education, trade counseling, and other professional services.

In 2010, the trade center received a similar $1 million grant, which it used to provide export assistance to energy and technology firms.