Empire State Development (ESD) today 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 (SBA), 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.
Empire State Development Acting Commissioner and President & 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 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
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 percent United States 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 State businesses and nonprofits export goods and attract foreign direct investment (FDI). 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.
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 Governor Cuomo’s Regional Economic Development Councils and the marketing of “I LOVE NEW YORK,” 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.
Contact:
Adam Kilduff | [email protected] | (212) 803-3744
ESD Press Office | [email protected] | (800) 260-7313