SBA Grants $30 Million to States for Trade, Export Promotion

Press release from the issuing company

Wednesday, September 28th, 2011

The U.S. Small Business Administration is providing$30 millionin grants to states, territories, and theDistrict of Columbia, to help increase exporting by small businesses during the next 12 months. The grants were authorized by the Small Business Jobs Act of 2010, under the State Trade and Export Promotion Program (STEP).

The STEP program, launched in March, aligns with President Obama's National Export Initiative. The President's initiative calls for doubling U.S. exports in five years – and in so doing, supporting two million jobs. The program provides federal government funding for 65 to 75 percent of program costs, with states supplying the remainder.

SBA AdministratorKaren Millsannounced the awards today at an event inRaleigh, N.C., at Raleigh Denim, a small business that produces and exports denim products. Forty-seven states, theDistrict of Columbia,Puerto Rico,Guam, theNorthern Mariana Islands, and theVirgin Islandsreceived STEP grants.

"Strengthening the nation's economy through a substantial increase of U.S. exports is a top priority for the Administration and the agency," said Mills. "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 funding will support 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.

Small businesses that want to receive assistance under the STEP program should contact the organizations serving the states in which they are located. For a list of these organizations and more information about the STEP program, visithttp://www.sba.gov/about-offices-content/1/2889/resources/14315.