The U.S. Small Business Administration (SBA) has announced Indiana as the recipient of a $495,000 State Trade and Export Promotion (STEP) grant, supporting the state’s efforts to develop and expand export-related activities among small businesses and open up new markets for Hoosier-made goods around the world.
“As we work to remain competitive in today’s global economy, Indiana recognizes the need to cultivate mutually beneficial partnerships around the world and ensure our businesses and people are connected to international markets,” said Indiana Gov. Eric Holcomb. “With the federal STEP grant, we’ll help Indiana-based small businesses grow and sell Hoosier-made goods across the globe.”
The STEP program, which is administered by the SBA’s Office of International Trade, is designed to increase the number of small businesses that export goods and to increase the value of exports from small businesses. Since its initial launch, the STEP program has awarded approximately $157 million in grants to U.S. small businesses.
Under the program, eligible small businesses may apply with the Indiana Economic Development Corporation (IEDC) for reimbursements of export-related activities like participating in international trade missions, foreign trade shows and export educational programs, as well as other export services provided by the U.S. Department of Commerce. The IEDC will match the federal grant with $165,000, increasing the total funding available to Indiana small businesses to $660,000.
“We are excited that the IEDC has succeeded in bringing STEP funding back to the state of Indiana,” said SBA Indiana District Director Stacey Poynter. “Programs and funding created through the STEP award and SBA’s other export resources, including SBA-backed loans and local U.S. Export Assistance Centers, can open doors for small businesses to explore revenue streams they never dreamed existed abroad.”
According to the U.S. Census Bureau, Indiana ranks in the top 15 exporting states, with businesses shipping products and goods such as automotive parts, pharmaceuticals and agricultural commodities to global customers.
