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The U.S. Small Business Administration (SBA) announced today that it has awarded $20 million in State Trade Expansion Program (STEP) grants to 43 state and territory international trade agencies. The funds will provide financial support to small businesses looking to increase their export volume and value.
Alabama small businesses can begin applying for funding now, with funds becoming available starting Sept. 30.
Because, among those grant recipients is the Alabama Department of Commerce, which was awarded $450,000 for fiscal year 2024 — a $200,000 increase from the previous year. The funding is part of an effort to help Alabama’s small and medium-sized businesses enter new international markets and boost export sales.
“Exporting plays a critical role in Alabama’s economic growth by opening new markets for our businesses and driving innovation and job creation across the state,” said Ellen McNair, Secretary of the Alabama Department of Commerce.
“Our Office of International Trade is committed to strengthening Alabama’s export infrastructure, and this enhanced SBA grant will ensure that we remain a key player on the international stage, contributing to sustainable economic growth and prosperity for our communities.”
The STEP grants, awarded through a competitive application process, are designed to assist small businesses in various export-related activities. These include participating in foreign trade missions, developing international marketing campaigns, attending export trade shows, and receiving export training.
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Tom Todt, SBA Alabama District Director, expressed enthusiasm for the increased funding, in praise of Alabama’s export activity. Of the 4,247 firms identified as exporting goods worth $20.3 billion from Alabama in 2021, 80% were small businesses. “We would definitely like to see those numbers increase,” Todt said.
Since its inception in 2010 under the Small Business Jobs Act, the STEP program has awarded $255 million in grants, facilitating over $6.8 billion in exports. More than 18,000 small businesses have benefitted, expanding their reach to over 100 countries. In the previous year, for every $1 in funding provided by STEP, businesses saw $27 in export sales.
For more information on applying for STEP grants or export support, businesses are encouraged to visit the SBA’s website or contact their local SBA office.
Grayson Everett is the state and political editor for Yellowhammer News. You can follow him on X @Grayson270
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