# New Federal Funding to Support Kentucky Companies

Gov. Andy Beshear has made an exciting announcement this week regarding new federal funding designed to enhance the global footprint of businesses based in Kentucky. This initiative aims to open up international opportunities for local companies, thereby fostering economic growth and creating even more job opportunities for residents of the Bluegrass State.

## Significant Financial Support through STEP Program

The funding package includes $400,000 allocated through the State Trade Expansion Program (STEP) provided by the U.S. Small Business Administration (SBA). Notably, this financial support covers 75% of the project costs, opening new avenues for businesses looking to expand their reach into global markets. Importantly, this financial assistance will empower more Kentucky-based companies to access international markets, thereby creating valuable economic growth and job opportunities for the state’s residents.

In the words of Gov. Beshear, “This grant program has helped hundreds of Kentucky businesses become exporters, boosting economic development and momentum across our state.” He emphasized that small and medium-sized enterprises are a backbone of Kentucky’s economy and workforce. By providing the resources and support necessary for these businesses to navigate international trade, this funding is indeed a substantial benefit for both the companies involved and the families and communities that they support.

## Record-Breaking Export Year

This new funding comes on the heels of a record-breaking year for exports from Kentucky. In a previous announcement, Gov. Beshear revealed that 2023 has seen Kentucky-made products shipped around the world in unprecedented numbers. The Commonwealth achieved a staggering total of $40.2 billion in exports, marking a 16.6% increase over the previous year’s figures, highlighting the tremendous potential for Kentucky’s products on the global stage.

The STEP grant program, celebrating its 12th anniversary, gives companies access to essential information and tools they need to successfully market and sell their products and services globally. From training sessions to export strategies, the program assists businesses through various stages of international trade.

## Diverse Activities Supported by STEP

The STEP program supports an extensive range of activities which include but are not limited to:
– Training and workshops focused on exporting
– User services from the U.S. Department of Commerce
– Website translation services
– E-commerce support
– Trade missions and foreign market sales trips
– International marketing design
– Participation in international trade shows
– Compliance testing
– Export credit insurance premiums

Since its inception in 2011, the STEP program has awarded over $3.4 million to more than 260 businesses across the state, thus playing a vital role in fostering connections to the 95% of the world’s consumers and two-thirds of global purchasing power situated outside the United States.

## Applying for the Funding

**How to Apply:** Eligible Kentucky businesses can secure reimbursement grant funding of up to $15,000 during the 12th year of the STEP program. For those interested in applying, it is highly recommended to visit [kyexports.com](http://kyexports.com) for the application process and additional valuable insights tailored for exporters.

Mary NeCamp, director of STEP at the Kentucky Cabinet for Economic Development, stated, “Our federal partners at the SBA recognize Kentucky STEP funds are being maximized, awarding the commonwealth a third consecutive round of grant funding of $400,000.” The uniqueness of Kentucky’s STEP program lies in its tailored approach to meet businesses “where they’re at,” offering a wide range of options that align with their individual timelines and goals.

She also pointed out that many are surprised by the broad definition of ‘small business’ used in the grant eligibility criteria. “The Small Business Measuring Tool allows several hundred employees at most manufacturing companies and millions of dollars in revenue for service firms. We encourage companies to explore their potential eligibility.”

## The Impact of Small Businesses on Kentucky’s Economy

As of 2023, Kentucky is home to more than 363,000 small businesses that employ around 706,640 people—approximately 99.3% of all companies in the state. Notably, these small businesses have made substantial contributions to Kentucky’s impressive economic performance, and the STEP program has propelled that momentum even further.

STEP is an SBA initiative administered locally by the Kentucky Cabinet for Economic Development. Companies that meet federally defined small business criteria and export products comprising at least 51% U.S. content may be eligible for a grant.

## Role of AI legalese decoder

Navigating the complexities of international trade can often be daunting, especially when it comes to understanding legal and regulatory requirements. This is where the **AI legalese decoder** can be of great assistance. By simplifying legal language and providing clear interpretations of contracts, agreements, and compliance documents, the AI legalese decoder allows businesses to focus on growing their international presence without getting bogged down in confusing legal terminology. Additionally, it can help businesses ensure that they are meeting all regulatory standards necessary for exporting, ultimately making the process of accessing global markets more efficient and less intimidating.

*Governor’s Office*