SBA Announces Funding to Boost Export Opportunities for Small Businesses
August 24, 2015
(SBA)
STEP Program Awards $17.4 Million to Promote Small Business Global Trade
WASHINGTON – Small businesses across the country will have access to $17.4
million in funding to help them enter and compete in the global marketplace, as
the Small Business Administration (SBA) today announced that 40 awards from the
agency’s State Trade and Export Promotion (STEP) program will be made to states
and territories to support activities to increase exporting by small
businesses.
"Exports are a central part of America's economic growth; with export-supported
jobs paying 15-18% more. Yet less than one percent of small businesses export;
and of those that do, 58 percent of them export to only one country. Unlocking
trade opportunities for small businesses is key to continued growth and
expansion. SBA's STEP program ensures local resources are available to help
small businesses tap global markets. By funding states and their export
development partners, the SBA is delivering the tools and resources required for
small businesses to launch their services and products abroad. With 95% of the
world’s consumers living outside of the United States, SBA's STEP program
ensures that America's small businesses can succeed in the 21st century global
economy,” said Administrator Maria Contreras-Sweet.
The purpose of the 2015 awards is for states to assist small businesses with
export related activities or other export initiatives that are in line with the
objectives of the program. These objectives include participation in foreign
trade missions, foreign market sales trips, subscription services provided by
the U.S. Department of Commerce, as well as design of international marketing
campaigns, export trade show exhibits, training workshops and more.
The STEP program is designed to increase both the number of small businesses
that begin to export and the value of exports for small businesses currently
exporting. Expanding the base of small business exporters and making the
process as easy as possible is a key component of the Administration’s National
Export Initiative.
Recipients in the first two rounds of STEP awards, in FY 2011 and FY 2012,
reported a strong return on investment of over 19:1.
For additional information on the STEP program and the FY 2015 awardees, visit
https://www.sba.gov/offices/headquarters/oit/resources/14315.
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