SBA Announces $18 Million in Funding Opportunity to Support Small Business Trade Growth
June 1, 2017
(SBA)
WASHINGTON -- Administrator Linda McMahon, head of the U.S. Small Business
Administration, today announced an $18 million funding opportunity to support
export growth among U.S. small businesses. The funding opportunity will be
awarded through SBA's competitive State Trade Expansion Program (STEP). States
interested in putting in proposals should go to Grants.gov and download the
funding opportunity announcement. The deadline for proposals is June 10.
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.
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 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.
Recipients of STEP awards in the first three rounds (FY 2011, 2012, 2014)
reported a strong return on federal taxpayer investment, generating $22 in U.S.
small business export sales for every $1 awarded.
The SBA Office of International Trade resource page can be found here and additional information on STEP can be found here.
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