Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s more than 34 million small businesses in President Biden’s Cabinet, announced $20 million in State Trade Expansion Program (STEP) grants have been awarded to 43 state and territory international trade agencies to provide financial support to small businesses in growing the volume and value of exports. States may start to solicit applications from small businesses now, and funding will become available to small businesses beginning Sept. 30.
“With 95% of the world’s consumers based outside of the United States, our small businesses need access to markets abroad to grow and create good jobs in America. Through SBA’s STEP funding to states, small businesses can get grants to export to new markets and grow their revenues through marketing, trade missions and more,” said Administrator Guzman. “STEP delivers against the Biden-Harris Administration’s efforts to increase exports and helps ensure that we can strengthen our small businesses, ensure our economy is more resilient and increase our global competitiveness.”
“Small businesses build the economic future of the Granite State by tapping into international markets and growing exports at a record pace thanks to programs like STEP. I urge small businesses interested in exporting to take advantage of STEP funding that will help them expand international sales and grow their local economies,” said New Hampshire Senator Jeanne Shaheen, Chair of the Senate Committee on Small Business and Entrepreneurship. “As Governor, I led the first overseas trade mission from New Hampshire – and when I got to Congress, I worked to create STEP in 2010 to help small businesses start and grow their exports. I’m proud to see STEP’s critical impact across the nation. In the Granite State, it has helped small business owners attend the Farnborough International Air Show and supported the creation of the Export Accelerator program that helps newer small businesses get started in exporting and connect with federal resources. I applaud the Biden-Harris Administration for working to provide the programs and resources that small business owners need to compete abroad.”
In New Hampshire, the State of New Hampshire’s Department of Business and Economic Affairs, Office of International Commerce (OIC) administers the STEP program, which provides direct funding to eligible small businesses to defray costs of exporting or exploring markets abroad. Over the past decade, New Hampshire companies have successfully used the funds to enter, or expand, into global markets.
“This year’s SBA STEP award amount is the largest to date for New Hampshire, supporting this critical work helping New Hampshire companies grow their businesses and diversify their income streams,” said Amy Bassett, NH SBA district director. “Our office looks forward to collaborating with our partners at the Office of International Commerce as they deploy the funds in many ways, but in particular, launching additional cohorts of the New Hampshire Export Accelerator Program.”
“Since the first award to New Hampshire over a decade ago, SBA’s STEP grant has proven its value to New Hampshire businesses. Now, with this record $500,000 award in round 12, our department will expand this important work. The increased award amount is an affirmation of our expert team’s effectiveness in helping New Hampshire businesses find and expand into the right global markets”, added Commissioner of the Department of Business and Economic Affairs, Taylor Caswell.
These 43 awardees were selected after a competitive application process to STEP. New grants will help local entrepreneurs enter and thrive in the global marketplace by providing small businesses with the information and tools they need to succeed in export-related activities. Qualifying exporting activities include participating in foreign trade missions and market sales trips, designing international marketing campaigns, participating in export trade show exhibits, and attending training workshops.
Since its creation in 2010 as part of The Small Business Jobs Act, STEP has awarded $255 million in grants and recorded over $6.8 billion in exports with more than 18,000 small businesses receiving grants to fund their export opportunities and increase their footprint in over 100 countries. Last year, for every $1 in funding for STEP, businesses benefited from $27 in export sales. As states improve their exporting skills, the returns on investment keep improving.
Individual STEP awards are managed at the local level by state government organizations. To find out if your state or territory has earned an award, and to apply for funding opportunities, please visit: www.sba.gov/STEP. To explore how small business counseling can help inform your export strategy, connect with your local SBA district office and our network of resource partners.