Featured News - Current News - Archived News - News Categories

ESD: Global NY receives federal grant to promote New York state exports & support small businesses

Submitted

Tue, Oct 3rd 2017 05:45 pm
U.S. Small Business Administration awards state more than $750,000
Empire State Development on Tuesday announced Global NY, the agency's international division, was awarded a $754,700 State Trade Expansion Program (STEP) grant from the U.S. Small Business Administration to support the growth of New York exports to foreign markets around the globe. When combined with state matching funds, the STEP Program will invest more than $1.16 million in small businesses statewide through September 2018.
"Small businesses are the backbone of our economy and we are committed to supporting their growth and success," ESD President, CEO and Commissioner Howard Zemsky said. "We thank our federal partners at SBA for this critical funding for our Global NY program, which will provide New York state businesses with the resources they need to reach new markets around the world."
The purpose of the STEP Program is to increase the number of new small business exporters, to increase the value of exports by small businesses and to expand job creation and retention through export activity.
The STEP Program will assist New York small businesses in:
  • Participation in foreign trade missions and trade shows;
  • Foreign market sales trips;
  • Gold Key services provided by the U.S. Department of Commerce;
  • Website and/or marketing material translation services; and
  • International trade workshops that align with the program objectives.
This is the sixth year in a row the state has won this competitive award. Empire State Development's Global NY will administer the grant funding to help small businesses increase their export sales in international markets.
"The awards will provide a solid foundation for small businesses planning to enter and set them up for success," SBA Administrator Linda McMahon said.
In round one of the STEP program, 68 small businesses received grants from the state; in round two, 21 businesses received grants; in round three, 91 businesses received grants to participate in 99 trade activities; in round four, more than 120 businesses received grants for 155 trade activities, and in round five, which concluded on Sept. 29, 97 businesses have received grants for 115 trade activities.
Funding for round five will be awarded to small businesses on a first-come, first-serve basis until all program funds are committed. For events to be covered by the funding, they must be completed by Sept. 29, 2018. Additionally, special consideration will be given to companies that are certified MWBE firms and to businesses that are classified among New York state's manufacturing strategic industries, which include, but are not limited to aerospace; agriculture; beverages and processed foods; biotech and life sciences; cleantech and renewable energy; nanoelectronics and nanotechnology, among others.
In addition to STEP grants, the Global NY Fund disburses $2 million in annual loans and grants to help small New York state businesses with exports. Loans of up to $500,000 are available for companies to purchase equipment and inventory needed to deliver on export-related contracts and provide working capital to support foreign accounts receivable. Additionally, interest-free loans of up to $50,000 are available for distilled and fermented beverage industry businesses to promote New York state's beverage industry on a global scale. The fund also provides grants of up to $25,000 to help companies start exporting or increase their global exports, and up to $50,000 for nonprofits that provide export assistance and trade education to New York state companies.
For businesses interested in applying for STEP grants or other export assistance, contact Empire State Development's Global NY Division via email ([email protected]) or call 212-803-2300. For more information about the Global NY initiative, visit www.global.ny.gov.
Empire State Development is New York's chief economic development agency (www.esd.ny.gov).

comments powered by Disqus