SBA Announces $215 Million of Investment Dedicated to Small Business Export Growth Over 10 years
The U.S. Small Business Administration (SBA) recently awarded grants resulting in funding for 52 state and territory international trade agencies across the country – the highest number of grantees since the program’s inception. The awardees were selected after a highly competitive application process to SBA’s State Trade Expansion Program (STEP).
Since its creation in 2010 as part of The Small Business Jobs Act, STEP has recorded over $3.8 billion in exports with more than 12,000 small businesses receiving grants to fund their export opportunities and increase their footprint across 141 countries. Last year, for every $1 in funding for STEP, businesses benefited from $42 in export sales.
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 and explore how small business counseling from local SBA Resource Partners can help inform your export strategy.