State Trade and Export Promotion (STEP) grants are still available to small- and medium-sized companies looking to enter and develop markets overseas. The grant money is part of $276,741 awarded last year by the Small Business Administration (SBA) to help increase export sales and ultimately create jobs for more Delawareans.
The SBA’s STEP Program makes matching-fund awards to states to assist small businesses enter and succeed in the international marketplace. STEP grants are used to directly reimburse Delaware companies for up to 50 percent of all pre-approved, eligible export marketing expenses, up to a maximum of $5,000 per fiscal year per company. Eligible activities include international travel, trade show activities, international marketing materials and overseas interpreters.
The deadline for Delaware businesses to spend their grant award is September 30.
“We’ve had many companies take advantage of STEP funding to finance their international activities, from attending trade shows in Europe to working with Global Delaware’s trade representatives to traveling around the world to meet with prospective clients,” said Beth Pomper, international trade advisor for Global Delaware, which administers the grants. “The grants have helped Delaware-based businesses generate millions in export sales.
“We are urging other companies to do the same. High participation helps to strengthen the local business community and also ensures that we receive additional funding next year from the SBA.”