legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

SBA Awards $20 Million in Grants to Boost International Trade Opportunities for Small Businesses

Introduction

WASHINGTON, Sept. 05, 2023 (GLOBE NEWSWIRE) — Isabella Casillas Guzman, the Administrator of the U.S. Small Business Administration (SBA), has announced the allocation of $20 million in grants to 49 state and territory international trade agencies. This funding is part of the SBA’s State Trade Expansion Program (STEP), aimed at stimulating growth and creating opportunities for America’s 33 million small businesses in the global market.

A Boost for Small Businesses

The SBA’s State Trade Expansion Program has been a crucial federal-state partnership over the past decade, providing vital funding to small businesses seeking to expand their operations internationally and contribute to the economy. With the newly awarded funds, small businesses can enhance their readiness for global trade, participate in trade shows abroad, and harness the power of global e-commerce. This initiative aligns with the Biden-Harris Administration’s commitment to leveling the playing field for entrepreneurs and enabling small businesses to reach over 95% of the world’s consumers residing outside the United States.

Success and Impact of the STEP Program

Since its inception in 2010 as part of The Small Business Jobs Act, the STEP program has facilitated the growth of small businesses by providing $235.5 million in grants. This financial support has directly aided over 13,000 small businesses in expanding their international footprint and export capabilities. The program’s effectiveness is demonstrated by the impressive return on investment; last year, every $1 in STEP funding led to $43 in export sales.

Forward-Thinking Approach

Acting Associate Administrator for International Trade, Claire Ehmann, emphasized the significant impact of the STEP program on small businesses’ global expansion. As the program enters its second decade, the SBA is committed to modernizing and promoting this essential initiative. The focus remains on assisting small businesses in entering and expanding their presence in the international marketplace.

Supporting Global Competitiveness

The STEP awards assist entrepreneurs in competing on the global stage by providing financial support for expenses related to export activities. These include participating in foreign trade missions, creating international marketing campaigns, exhibiting at export trade shows, attending training workshops, and engaging in other critical forms of international business engagement.

Aligned with Administration Goals

Strengthening the base of small business exporters and enhancing global competitiveness are key elements in the SBA’s small business strategy, in line with the goals of the Biden-Harris Administration. Expanding opportunities for small businesses to grow and compete worldwide is integral to their vision.

Local Management and Funding Opportunities

The selection of this year’s awardees followed a highly competitive application process. The management of individual STEP awards is delegated to state government organizations and nonprofit entities. To find out if your state or territory has received an award and to explore funding opportunities, visit www.sba.gov/STEP. Additionally, consider seeking small business counseling from local SBA Resource Partners to gain valuable insights into developing your export strategy.

Conclusion

The SBA’s dedication to small businesses’ success is crucial for the American dream of business ownership. As the go-to resource for small businesses backed by the federal government, the SBA empowers entrepreneurs by providing resources, support, and opportunities to start, grow, expand, or recover from disasters. Through its extensive network of SBA field offices and partnerships with public and private organizations, the SBA plays a vital role in turning the dream of running a successful small business into a reality.

Contact:

Christine Saah Nazer

Public Affairs Specialist

U.S. Small Business Administration

Phone: 202-756-0304

Email: [email protected]

Copyright 2023 GlobeNewswire, Inc.

How AI legalese decoder Can Help

The AI legalese decoder is a powerful tool that can assist small businesses in navigating the complex legal language often found in grants and programs like the SBA’s State Trade Expansion Program. By utilizing advanced AI algorithms, the legalese decoder can automatically analyze and interpret legal documents, breaking them down into easily understandable sections. This saves small business owners and entrepreneurs valuable time and resources, allowing them to fully comprehend the requirements, benefits, and obligations associated with the grants and funding opportunities offered by the SBA. With the AI legalese decoder, small businesses can confidently apply for and utilize the resources available to them, making informed decisions and maximizing their chances of success in the international marketplace.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link