WASHINGTON – Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, announced $20 million in grants awarded to 49 state and territory international trade agencies across the country as part of the SBA’s State Trade Expansion Program (STEP).
“For over ten years, the SBA’s State Trade Expansion Program has been an important federal and state partnership to get funding directly to small businesses seeking to grow their businesses and our economy with international trade opportunities. And with these funds, small businesses can get trade-ready, attend trade shows in foreign markets, and grow through global e-commerce,” said Administrator Guzman. “The Biden-Harris Administration remains committed to leveling the playing field for entrepreneurs and ensuring American small businesses can promote their products and services to over 95% of the world’s consumers who live abroad.”
Since its creation in 2010 as part of The Small Business Jobs Act, the STEP program has awarded $235.5 million in grants and directly supported over 13,000 small businesses’ international expansion and export growth. As states improve their exporting skills, the return on investment keeps improving- last year, every $1 in STEP funding yielded $43 in export sales.
“STEP’s profound impact stands as a testament to the SBA’s unwavering support of U.S. small businesses seeking to grow their international footprint,” said Acting Associate Administrator for International Trade Claire Ehmann. “As STEP matures beyond its first decade, the SBA will continue modernizing and marketing this signature program that helps small businesses enter and expand into the international marketplace.”
