State Trade Expansion Program (STEP) funding from US Small Business Administration
Empire State Development on Thursday announced more than $1 million in federal and state funding to help connect New York businesses to exporting opportunities abroad. The federal funding, which is provided by the U.S. Small Business Administration, is used for the State Trade Expansion Program (STEP), which offers grants to qualifying small and medium-sized businesses to increase the number of businesses entering the export market, and to increase the number of small businesses exploring new trade opportunities.
The STEP program at ESD is overseen by Global NY, the agency’s international division.
ESD Acting Commissioner and President and CEO-designate Eric Gertler said, “Providing opportunities for international trade is a crucial part of ensuring New York businesses succeed in the 21st century economy, and we thank the U.S. Small Business Administration for this funding to help our businesses tap new markets around the globe.”
ESD will receive $700,000 from SBA and will provide $376,922 in matching funds. Approved STEP funds can assist New York businesses with:
“STEP is one of SBA’s key resources for small businesses and entrepreneurs to expand into international markets, and a key component of our federal agency’s small business support strategy. This federal funding shows our commitment to ensuring New York small businesses have equal access to both international markets and exporting opportunities. Together, we can ensure entrepreneurs have the resources they need to drive their small businesses and local communities forward,” said SBA Atlantic Regional Administrator Steve Bulger, who oversees the federal agency’s operations throughout New York, New Jersey, Puerto Rico and the U.S. Virgin Islands.
Grants are issued on a reimbursement basis. New York companies must be in business for at least one year, meet SBA size standards, have access to sufficient resources to bear the costs associated with trade, have a product or service for export that contains at least 51% U.S. content, and meet the standards and mission of STEP.
For more information on STEP and to apply for funding, click here.
Global NY offers one-stop shopping to both foreign businesses looking to invest in New York and to local businesses that want to export globally. In addition to STEP, the division provides loans and grants to help New York businesses and nonprofits export goods and attract foreign direct investment. It also organizes approximately four international trade missions per year. Global NY maintains foreign offices in Canada, China, Europe, Israel, Mexico and South Africa.
For more information about Global NY, visit https://esd.ny.gov/global-ny-domestic-investment.
Empire State Development is New York’s chief economic development agency (www.esd.ny.gov). Its mission is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the state and its municipalities, and achieve stable and diversified local economies. For more information on Regional Councils and ESD, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.