September 5, 2014

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Utah Awarded $500K from SBA

Press Release

September 5, 2014

Utah has been awarded $500,000 by the federal Small Business Administration, and the state will provide a match of $166,667, for a total of $666,667.

The SBA will provide 24 awards to states to support activities to increase exporting by small businesses. The State Trade and Export Promotion (STEP) Program was appropriated $8 million to award by September 30.

The STEP program has two objectives: to increase the number of small businesses that begin to export and to increase the value of exports for small businesses that currently export. Competition was robust among the 49 state applications for this third round of awards. The amount of awards will vary based on the awardee’s approved project plan and budget. Expanding the base of small business exporters and making the process as easy as possible is a key component of the Administration’s National Export Initiative.

The 2014 awards are designed for states to assist small businesses with the following export related activities: participation in foreign trade missions, foreign market sales trips, subscription services provided by the U.S. Department of Commerce, design of international marketing campaigns, export trade show exhibits, training workshops or other export initiatives that are in line with the objectives of the program.

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