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The US Small Business Administration recently announced the allocation of $20 million in State Trade Expansion Program (STEP) grants to 43 state and territory international trade agencies.
The grants will provide financial support to small businesses aiming to increase their export activities. States can begin soliciting applications from small businesses, and the funding will be available starting September 30, 2024.
“With 95% of the world’s consumers based outside of the United States, our small businesses need access to markets abroad to grow and create good jobs in America. Through SBA’s STEP funding to states, small businesses can get grants to export to new markets and grow their revenues through marketing, trade missions and more,” says SBA Administrator Isabel Casillas Guzman.
STEP Grant Benefits for Small Businesses
The STEP grants aim to help small businesses access international markets by funding export-related activities such as trade missions, market sales trips, international marketing campaigns, trade show exhibits, and training workshops. The program has been vital in helping businesses expand their global presence.
Senator Jeanne Shaheen of New Hampshire, Chair of the Senate Committee on Small Business and Entrepreneurship, highlighted the program’s impact: “Small businesses build the economic future of the Granite State by tapping into international markets and growing exports at a record pace thanks to programs like STEP. I urge small businesses interested in exporting to take advantage of STEP funding that will help them expand international sales and grow their local economies.”
Since its inception in 2010 as part of The Small Business Jobs Act, the STEP program has awarded $255 million in grants, supporting over $6.8 billion in exports and assisting more than 18,000 small businesses across the U.S. Last year, businesses saw a return of $27 in export sales for every $1 of STEP funding.
STEP’s Ongoing Impact
Dan Krupnick, Associate Administrator for SBA’s Office of International Trade, emphasized the program’s role in supporting global supply chains: “STEP helps small businesses understand the ins and outs of exporting, provides opportunities to participate in international trade shows, and assists in creating websites tailored to attract foreign buyers.”
The 43 awardees of the STEP grants were selected through a competitive process. These grants will be managed at the state level to ensure that small businesses receive the tools and resources they need to successfully navigate and expand in the global marketplace.
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