Nearly $1 Million from the U.S. Small Business Administration to Boost State Trade Expansion Program (STEP) Funding
STEP Empowers Small Businesses for Global Success
Empire State Development (ESD) today announced Round 11 of the State Trade Expansion Program (STEP) with nearly $1 million in federal funding provided by the U.S. Small Business Administration (SBA). STEP connects New York businesses to exporting opportunities abroad through grants for qualifying small and medium-sized businesses. These grants can help increase the number of small businesses that begin to export; increase the value of exports for small businesses that currently export; and increase the number of small businesses exploring significant new trade opportunities. STEP at ESD is administered by Global NY, the agency’s international division. For more information on STEP and to apply for funding, click here.
Empire State Development President, CEO and Commissioner Hope Knight said, “Fortifying the foundation of small business exporters and enhancing their global competitiveness is integral to Global NY's strategic framework for small businesses. ESD is committed to broadening opportunities for New York State's small enterprises, facilitating their growth, and strengthening their competitive position on the world stage.”
STEP grants empower New York entrepreneurs to succeed globally by offsetting the costs of export activities like foreign trade missions, international marketing campaigns, overseas trade show exhibitions, training workshops, and other engagements. These reimbursement-based grants are available to New York companies that have been in business for at least one year, meet SBA size standards, have sufficient resources to bear trade costs, offer a product or service for export with at least 51% U.S. content, and align with STEP's standards and mission. By alleviating financial burdens, STEP enables small businesses to expand their global reach and competitiveness.
ESD will receive $900,000 from SBA to assist New York State businesses with:
- Participation in programmed foreign trade missions
- Subscription to services provided by the Department of Commerce
- Trade show exhibition (international and qualified domestic trade shows)
- Participation in export training workshops
- Qualified foreign market sales trips
- Website Content/Foreign Language Translation
- Development of International Marketing Campaign(s)
- Compliance Testing
- Consultancy Services
- Export Credit Insurance Premium Reimbursement
About Global NY
Global NY, a division of Empire State Development, offers financial and technical assistance that can offset the costs of exporting for New York businesses and organizations looking to connect to the rest of the world. Available support includes grants and loans to help qualifying small and medium-sized businesses looking to start or increase their global exports and non-profit organizations that provide export assistance and trade education to New York State companies. For more information, please visit www.esd.ny.gov/global-ny-export-assistance.
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). The mission of ESD 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. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing the Regional Economic Development Councils and the marketing of ““I LOVE NY", the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Emily Mijatovic | [email protected] | (212) 803-3692