State receives new trade and export promotion grant for 2016-17
Wilmington, DE – The Small Business Administration (SBA) has granted Global Delaware, the international development initiative of Delaware’s Department of State, an FY 2016 State Trade and Export Promotion (STEP) Program award totaling $282,636 to support the state’s efforts to help Delaware companies enter and develop markets overseas. This year’s grant is the largest STEP award the state has ever received.
The SBA’s STEP Program gives states matching-fund awards to assist small businesses looking to enter and succeed in the international marketplace. The program’s objective is to increase the number of U.S. small businesses that export and to increase the value of these exports.
As with previous STEP grants, a significant portion of the grant will be used to directly reimburse small- and medium-sized companies for money spent on eligible, pre-approved export expenses such as international travel, trade show activities, international marketing materials and overseas interpreters.
“This grant award will give a helping hand to small businesses and entrepreneurs looking to expand into foreign markets,” said U.S. Sen. Tom Carper. “One way to create a nurturing environment for small businesses to grow and succeed is to assist them as they explore new markets overseas, and this grant will help them in the crucial first stages.”
“Small businesses in Delaware need to use their limited resources wisely, and for many of them, a business development trip out of the county is rarely an option—even though that trip might significantly help their international business prospects,” said U.S. Sen. Chris Coons. “STEP grants do just that; help companies travel to a foreign market and meet with potential or existing customers. I was glad that the Congress preserved funding for STEP grants, and I have seen the good work they have done for a number of Delaware small business.”
“The vast majority of consumers live outside of the U.S. With the STEP program, Delaware’s small businesses have more access to these markets, and are in a better position to compete, grow their customer base, and create jobs,” said Congressman John Carney. “I’d like to thank the SBA, and congratulate the team at Global Delaware for bringing these resources to our state. This is the type of investment that will continue to move our economy forward.”
“Delaware companies were able to successfully leverage STEP grants to grow their export strategies last year, and we hope to see even more activity this year,” said Secretary of State Jeffrey Bullock, noting that Delaware companies are anticipating over $10 million in sales as a result of last year’s export program. “What we need to see now are more companies—new companies—coming forward to take advantage of this resource to grow their businesses and contribute to job creation here in Delaware.”
The STEP award will also be used to finance export-related marketing activities, such as organizing trade missions to connect Delaware businesses with buyers and distributors abroad. Global Delaware organized trade missions to Mexico, Canada, South Korea and Germany this year. STEP grant funds are used to set up one-on-one business meetings with potential distributors and customers in the target markets, hire interpreters, and cover other costs associated with the missions, such as translating marketing presentations and paying for in-country transportation.
Delaware companies can learn more about attending a mission or applying for an export grant at global.delaware.gov/expand or by emailing email@example.comRelated Topics: business • Delaware • international trade • jobs
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