WASHINGTON, Sept. 30, 2024 (GLOBE NEWSWIRE) — Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s more than 34 million small businesses in President Biden’s Cabinet, announced $20 million in State Trade Expansion Program (STEP) grants have been awarded to 43 state and territory international trade agencies to provide financial support to small businesses in growing the volume and value of exports. States may solicit applications from small businesses and funding will become available to small businesses beginning Sept. 30.
“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,” said Administrator Guzman. “STEP delivers against the Biden-Harris Administration’s efforts to increase exports and helps ensure that we can strengthen our small businesses, ensure our economy is more resilient and increase our global competitiveness.”
“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,” said New Hampshire Senator Jeanne Shaheen, Chair of the Senate Committee on Small Business and Entrepreneurship. “As Governor, I led the first overseas trade mission from New Hampshire – and when I got to Congress, I worked to create STEP in 2010 to help small businesses start and grow their exports. I’m proud to see STEP’s critical impact across the nation. In the Granite State, it has helped small business owners attend the Farnborough International Air Show and supported the creation of the Export Accelerator program that helps newer small businesses get started in exporting and connect with federal resources. I applaud the Biden-Harris Administration for working to provide the programs and resources that small business owners need to compete abroad.”
“The STEP program supports initiatives for small businesses to access global markets seamlessly,” said Dan Krupnick, Associate Administrator for SBA’s Office of International Trade. “It helps them understand the ins and outs of exporting, provides opportunities to participate in international trade shows, and assists in creating websites that are tailored to attract and engage foreign buyers. Small businesses are key to supporting global supply chains and STEP continues to make them more resilient.”
These 43 awardees were selected after a competitive application process to STEP. New grants will help local entrepreneurs enter and thrive in the global marketplace by providing small businesses with the information and tools they need to succeed in export-related activities. Qualifying exporting activities include participating in foreign trade missions and market sales trips, designing international marketing campaigns, participating in export trade show exhibits, and attending training workshops.
Since its creation in 2010 as part of The Small Business Jobs Act, STEP has awarded $255 million in grants and recorded over $6.8 billion in exports with more than 18,000 small businesses receiving grants to fund their export opportunities and increase their footprint in over 100 countries. Last year, for every $1 in funding for STEP, businesses benefited from $27 in export sales. As states improve their exporting skills, the returns on investment keep improving.
Individual STEP awards are managed at the local level by state government organizations. To find out if your state or territory has earned an award, and to apply for funding opportunities, please visit: www.sba.gov/STEP. To explore how small business counseling can help inform your export strategy, connect with your local SBA district office and our network of resource partners.
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About the SBA’s Office of International Trade
The SBA’s Office of International Trade (OIT) works in cooperation with other federal agencies and public- and private-sector groups to encourage small business exports and to assist small businesses seeking to export. Through U.S. Export Assistance Centers, SBA district offices and a variety of service-provider partners, OIT directs and coordinates SBA’s ongoing export initiatives in an effort to encourage small businesses going global. For more information on the resources available for small business international trade development and to find local Export Finance Managers, visit https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-international-trade.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
