The SBA or Small Business Administratoin is a great source for business information. There, you can find detailed instructions on how to start or maintain a successful business. Recently, they gave a STEP (State Trade Expansion Program) grant to the Maine International Trade Center to help support the export of goods from small businesses. You can find related and other grants to help support your business at GrantWatch.com and MWBEzone.com.
America only counts for about one-third of the world's purchasing power. This means that most buyers are outside the United States. Maine wants to reach out to these new customers. The STEP grant has been successful in the past, resulting in $7 million worth of new exports.
SBA Grants $145,000 to Help Small Business With Exports
Portland Press Herald Staff Writer
The award has been used for the past four years to help Maine companies deliver $7 million in new exports.
The Maine International Trade Center received a $145,000 grant to support export growth among small businesses.
The grant was awarded by the U.S. Small Business Administration’s competitive State Trade Expansion Program.
“With more than two-thirds of the world’s purchasing power outside the U.S., it’s critical for businesses to reach out to customers beyond our borders.” said Marilyn Geroux, SBA district director for Maine, in a release announcing the award Thursday.
Wade Merritt, vice president and STEP project director at MITC said the renewed award has been able to support 97 company projects in overseas markets over the past four years. The support resulted in nearly $7 million in new exports, representing a 26 to 1 return on SBA’s investment of just over $250,000, according to Merritt.
The STEP awards are granted to programs that help small businesses expand their export-related activities, which include participation in foreign trade missions, foreign market sales trips, subscription services for access to international markets, as well as the design of international marketing campaigns, export trade show exhibits, export training workshops and more. Eligible Maine businesses may receive up to $8,000 in reimbursements for costs associated with these activities.
Additionally, the SBA makes guaranteed loans of up to $5 million available to provide working capital for small business to complete export orders and finance expansions to accommodate increased export orders.
More information about the programs can be found at mitc.com or sba.gov.
About the Author: Intro by GrantWatch Staff Writer.