By Karen Axelton
Big companies are increasingly focusing on overseas sales to make up for slumping sales in the economically stagnating U.S. Now smaller companies are being encouraged to go overseas as well thanks to a new government program called STEP.
STEP stands for State Trade and Export Promotion, and the STEP program officially started in March. However, it recently got a boost when the U.S. Small Business Administration (SBA) announced it will be providing $30 million in grants to states, territories and the District of Columbia to help businesses in those regions increase exporting. The grants will be given over the next 12 months. The program provides federal government funding for 65 to75 percent of the program’s costs; states will supply the remainder.
The STEP program was created in conjunction with President Obama’s National Export Initiative, which calls for doubling U.S. exports over the next five years and, as a result, supporting 2 million U.S. jobs.
“Strengthening the nation’s economy through a substantial increase of U.S. exports is a top priority for the Administration and the agency,” said SBA Administrator Karen Mills in announcing the loans. “This is a unique partnership between the federal government and the states. Sharing responsibilities and resources will help new small exporters across the country enter and succeed in the global market.”
The money will be used to support small businesses’ participation in foreign trade missions, foreign market sales trips, subscriptions to services provided by the Department of Commerce, website translations fees, design of international marketing media, trade show exhibitions, participation in training workshops and other critical export initiatives.
If your small business would like to receive assistance under the STEP program, the first step is to contact the organizations serving the state in which you’re located. For a list of these organizations and more information about the STEP program, go here. You can also e-mail questions to STEP@sba.gov.
The period for states to apply for grants closed in May, but the SBA expects to conduct a new competition for STEP program grants during the winter of 2011, which means even if your state hasn’t yet won a grant, it could do so in the future. If your company is already exporting or considering doing so, it’s worth finding out what assistance your state might be offering thanks to STEP.
Image by Flickr user Tuppus (Creative Commons)
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