ECNETNews reports that the US Small Business Administration has unveiled a significant $20 million allocation in State Trade Expansion Program (STEP) grants to 43 state and territory international trade agencies.
This funding is set to empower small businesses eager to enhance their export activities. Small business applications will be accepted beginning on September 30, 2024.
Highlighting the importance of global markets, SBA emphasizes that with 95% of the world’s consumers located outside the United States, it is crucial for American small businesses to have access to these markets to foster growth and create jobs domestically.
Benefits of STEP Grants for Small Businesses
The STEP grants are designed to assist small businesses in entering international markets by covering costs associated with export-related initiatives, including trade missions, market sales trips, international marketing campaigns, trade show participation, and training workshops. This program has proven essential for businesses seeking to broaden their global footprint.
Senator Jeanne Shaheen, Chair of the Senate Committee on Small Business and Entrepreneurship, emphasized the program’s pivotal role: “Small businesses are crucial to the economic future, and programs like STEP facilitate their access to international markets, driving exports and boosting local economies.”
Since its launch in 2010 as part of The Small Business Jobs Act, the STEP program has disbursed $255 million in grants, equating to over $6.8 billion in exports and benefitting more than 18,000 small businesses nationwide. Last year witnessed an impressive return of $27 in export sales for each dollar invested through STEP funding.
The Ongoing Impact of STEP
Dan Krupnick from SBA’s Office of International Trade underscored the program’s significance in enhancing global supply chains: “STEP equips small businesses with vital export knowledge, provides access to international trade events, and supports in building websites designed to attract foreign buyers.”
The 43 recipients of the STEP grants were chosen through a competitive selection process. Management at the state level will ensure that small businesses are granted the necessary tools and resources to thrive in the global marketplace.
