SBA Announces $18 Million in Funding Opportunity to Support Small Business Trade Growth
June 1, 2017
(SBA)
WASHINGTON -- Administrator Linda McMahon, head
of the U.S. Small Business Administration,
today announced an $18 million funding
opportunity to support export growth among U.S.
small businesses. The funding opportunity will
be awarded through SBA's competitive State
Trade Expansion Program (STEP). States
interested in putting in proposals should go to
Grants.gov and download the
funding opportunity announcement. The deadline
for proposals is June 10.
STEP awards were created to advance key
priorities identified in the President's
National Export Initiative, namely to expand
the base of small businesses that become
exporters and to make the exporting process as
easy as possible for small businesses.
STEP funds allow small businesses the
opportunity to meet foreign buyers face-to-face
at trade shows or on trade missions, and
complement SBA's export loan guaranty
programs, which can finance the working
capital needed to complete export orders and
help finance the expansion of production
facilities due to export success. Loans are
available up to $5 million. More information
can be obtained from SBA's Export Finance Mangers
located at 21 U.S. Export Assistance Centers
across the country.
Recipients of STEP awards in the first three
rounds (FY 2011, 2012, 2014) reported a strong
return on federal taxpayer investment,
generating $22 in U.S. small business export
sales for every $1 awarded.
The SBA Office of International Trade resource
page can be found here and additional
information on STEP can be found here.
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