SBA to Grant $8M More for Small Business Exporting

The U.S. Small Business Administration is renewing its commitment to small business exporting.

Earlier this week, the agency announced it would be continuing its State Trade and Export Promotion Grant Program (STEP) for the third year. This latest round of STEP will award a total of $8 million in grants, according to the SBA.

“With today’s technological advances, small businesses are better equipped than ever to compete in a global marketplace.  Exporting provides tremendous opportunities for America’s small businesses that are looking to expand and grow. The STEP program is another way that the U.S. Small Business Administration is partnering with states to give small businesses the tools and resources they need to take their business to the next level,” said SBA Administrator Maria Contreras-Sweet. The Senate confirmed Contreras-Sweet as administrator late last month.

According to the SBA, STEP has two main objectives: increasing the number of small business exporters and increasing the value of small businesses that already export. All 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa and the Commonwealth of Northern Mariana Islands are eligible to apply for STEP grants. The SBA says the grant proposals should include plans for activities such as export trade show exhibits, training workshops and foreign market sales trips.

The application for the STEP program will be open through May 20. More information can be found on the SBA’s website.