Are you a small business owner looking to expand your market reach? The State Trade Expansion Program (STEP) could be the perfect solution. This program, funded by the Small Business Administration (SBA), provides grants to help small businesses overcome obstacles while exporting their products and services.
How STEP Can Benefit Your Business
STEP grants can be used to cover a variety of expenses related to international trade, including:
- Market research: Gain valuable insights into foreign markets.
- Trade show participation: Showcase your products and services to a global audience.
- Translation and interpretation services: Facilitate effective communication with international clients.
- International travel: Visit foreign markets to build relationships and close deals.
- Professional services: Hire consultants to help you navigate the complexities of international trade.
Eligibility Requirements
To be eligible for a STEP grant, your business must:
- Be a small business as defined by SBA size standards.
- Have been in operation for at least one year.
- Have a strong export plan.
How to Apply for a STEP Grant
The application process for STEP grants varies by state. To learn more about the specific requirements and deadlines in your state, contact your local state/territory STEP grant administrator.
Taking the Next Step
If you’re ready to take your business global, the State Trade Expansion Program can be a valuable tool. By leveraging the resources and funding provided by this program, you can increase your sales, grow your business, and reach 95% of the world’s purchasing power. In addition, certain state STEP grant programs allow funds to pay for export credit insurance premiums from the Export-Import Bank of the United States (EXIM). Providing additional protection from the risk of non-payment by your foreign buyers and allowing you to be competitive in the global marketplace by offering favorable credit terms.
To learn more about STEP, visit State Trade Expansion Program (STEP) | U.S. Small Business Administration or view this recording on STEP grants (40) SBA Grants for Global Expansion – YouTube
