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SBA Marks 10 Years of State Trade Expansion Program Grants Supporting Small Businesses

United States Small Business Administration
·2 mins read

STEP Grants Recorded $3.8 Billion in Small Business Exports Since 2011

Washington, Sept. 25, 2020 (GLOBE NEWSWIRE) -- The U.S. Small Business Administration is marking 10 years of support for small business growth through the State Trade Expansion Program (STEP) grants.

“This year marks 10 years that the SBA has awarded STEP grants supporting state-level investments in small business export programs. STEP provides tremendous opportunities for American businesses to reach customers beyond our borders,” said Loretta Greene, Associate Administrator for SBA’s Office of International Trade. “With programs like STEP, small businesses looking to export their goods and products can use the funds from these grants to participate in foreign trade missions, develop and design international marketing campaigns, translate marketing materials into other languages, and the list goes on.”

Since its creation in 2010 as part of the Small Business Jobs Act, STEP has recorded over $3.8 billion in exports and awarded approximately $157 million in grants to fund export opportunities, increasing the footprint of American small businesses in countries worldwide. Grants have been awarded in all 50 U.S. States and the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands.

Each STEP award is managed at the local level by state government organizations, and funding is used to cover the costs of small businesses associated with entering and expanding into international markets.

On this 10th STEP Anniversary, SBA is proud to reflect on the many small businesses that have benefited from STEP and look forward to helping more reach their global potential. For more information about the STEP program and other export resources provided by the SBA, visit the SBA’s business guide to exporting products.

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. 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 https://www.sba.gov.

CONTACT: Shannon Giles United States Small Business Administration Shannon.Giles@sba.gov