Wednesday, September 2, 2015
STEP Program Will Award $17.4 Million in Grants to Small Business Owners
What the grants will fund
In order for small businesses to get into international markets, they must invest in activities such as trade shows and international marketing campaigns. The STEP program works by providing both federal and state funding; 75 percent comes from the federal government, and the remaining 25 percent comes from the state. A total of 40 states have eligible small businesses who will receive STEP funding.
The grants range from $190,000 up to $750,000 each. The states that received the most funding included Hawaii, Michigan, California, Washington, North Carolina and Wisconsin. Funding through the STEP program will enable small business owners to take the steps necessary in order to export abroad.
The importance of export sales
Small businesses who enter foreign markets can boost their sales potential and make an impact on the U.S. economy. Maria Contreras-Sweet, administrator of the Small Business Administration, explains it this way, “If we don’t get in the game, we know other countries will eat our lunch.”
Read more by visiting www.federaltimes.com/story/government/management/2015/08/24/sba-announces-174m-small-business-owners/32282095/