Small businesses that are looking to get into foreign exports now have a new source of funding to look to. The government’s Small Business Administration is going to lend a helping hand through the STEP, or The State Trade and Export Promotion, grant legislation. This program will allocate a total ceiling of $90 million for grant funding during the next three years. The legislation has two objectives for this funding, one being to induce an expansion in the number of small businesses exporting goods. The other is to help boost the dollar value of those exports that they are sending out to foreign countries.
The administrations feels that the international marketplace opens up numerous situations where small businesses can benefit from exporting their goods. This expansion in selling opportunities is also hoped to affect the economy at home as well. When these smaller businesses are able to sell their goods at a greater value in a larger market, they will more apt to expand and to offer more high quality jobs. They can now advertise their goods and services to consumers outside of the local geographic region where their business is located.
Under the legislation, states can apply for a grant once a year throughout the three year grant period. The funding can be used for: participating in foreign trade markets, trips regarded to sales, development of products for international export, international trade shows, workshops and related activities that are in character with the administration’s intention for the funding. This will greatly benefit current efforts to help rebuild the struggling United State’s economy while also expanding opportunities for small business owners. This shows a smart effort on the part of the government to help expand a promising sector of the economy to promote jobs, profits and economic stability.