The U.S. Small Business Administration awarded $365,700 to the SBA Utah District Office through the SBA’s competitive State Trade Expansion Program.
“Exporting is an important growth opportunity for our small businesses and entrepreneurs,” said Stan Nakano, SBA’s Utah District Director. “This STEP award in addition to SBA's export loans and U.S. Export Assistance Centers, will help small businesses in Utah have the tools, resources and relationships they need to take their businesses global.”
According to the SBA, two-thirds of the world’s purchasing power can now be found outside the United States, but only about one percent of America’s 28 million small businesses are reaching customers beyond our borders. Markets are seemingly wide-open for businesses that are ready to expand their reach into new and increasingly borderless global markets.
STEP awards were created to advance key priorities identified in the President’s National Export Initiative, namely to expand the base of small businesses that become exporters and to make the exporting process as easy as possible for small businesses.
These awards are granted to U.S. states and territories to support programs that help small businesses expand their export-related activities. This includes participation in foreign trade missions, foreign market sales trips, subscription services for access to international markets, as well as the design of international marketing campaigns, export trade show exhibits, export training workshops and more.
STEP funds allow small businesses the opportunity to meet foreign buyers face-to-face at trade shows or on trade missions, and complement SBA’s export loan guaranty programs, which can finance the working capital needed to complete export orders and in turn help finance the expansion of production facilities due to export success. Loans are available up to $5 million. More information can be obtained from SBA’s Export Finance Mangers located at 21 U.S. Export Assistance Centers across the country.
The SBA Office of International Trade resource page can be found here. Additional information on STEP can be found here.
About the U.S. Small Business Administration
The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012
has served as a Cabinet-level agency of the federal government to aid, counsel, assist and
protect the interests of small business concerns, to preserve free competitive enterprise and to
maintain and strengthen the overall economy of our nation. The SBA helps Americans start,
build and grow businesses. Through an extensive network of field offices and partnerships with
public and private organizations, the SBA delivers its services to people throughout the United
States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov
(202) 205 6919