WASHINGTON, D.C. — The U.S. Small Business Administration (SBA) has announced a significant allocation of $20 million under the State Trade Expansion Program (STEP) to 43 state and territory international trade agencies. This initiative aims to enhance the export capabilities of small businesses, thereby increasing their revenue and contribution to the U.S. economy.
With the global marketplace offering vast opportunities, the STEP grants are designed to help small businesses penetrate these international markets, which host 95% of the world’s consumers. This funding will be accessible to small businesses beginning today, September 30, enabling them to apply for financial assistance that supports a variety of export-related activities including international marketing campaigns, trade missions, and participation in global trade shows.
Administrator Guzman highlighted the administration’s commitment to expanding export opportunities as a means to foster economic resilience and bolster global competitiveness. The STEP grants align with the Biden-Harris Administration’s broader economic strategy to fortify small businesses and ensure they can navigate and thrive in international markets.
The program’s potential impact is profound, as articulated by New Hampshire Senator Jeanne Shaheen. She emphasized the role of such funding in empowering small businesses to engage in global trade, citing past successes like the Farnborough International Air Show participation and the establishment of the Export Accelerator program. These initiatives not only open doors to international sales but also contribute to the economic vitality of local communities.
Dan Krupnick, Associate Administrator for SBA’s Office of International Trade, noted that the STEP program demystifies the complexities of exporting for small businesses. By facilitating access to international trade shows and helping businesses develop tailored marketing strategies, STEP strengthens small enterprises’ roles in global supply chains and enhances their resilience.
Since its inception in 2010, STEP has awarded $255 million in grants, generating over $6.8 billion in exports. This impressive return on investment underscores its effectiveness, with last year’s funding yielding a $27 increase in export sales for every dollar spent. The continuous improvement of exporting skills among states promises even greater returns in the future.
STEP grants are managed locally by state government organizations, ensuring that each awardee can effectively tailor the support to the specific needs of its entrepreneurs. This localized approach enhances the effectiveness of the program, making it a vital tool for stimulating economic growth through increased exports.
As the global economy continues to evolve, these STEP grants represent a crucial investment in the future of American small businesses, equipping them with the resources and knowledge necessary to compete on an international stage.
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