U.S. Small Business Administration announced $20 million in State Trade Expansion Program (STEP) grants have been awarded to 43 state and territory international trade agencies to provide financial support to small businesses in growing the volume and value of exports. States may start to solicit applications from small businesses now, and funding will become available to small businesses beginning Sept. 30.
The Made in Alabama - Alabama Department of Commerce has been awarded $450,000 for fiscal year 2024, a $200,000 increase from the year prior. STEP has been providing resources to Alabama small and medium sized businesses to help them tap into new markets and increase their international sales.
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“We are excited about this significant increase over last year’s grant,” said Tom Todt, IOM, Alabama District Director. “I think it underscores the great job that the Alabama Department of Commerce Office of International Trade does in assisting small businesses to prepare for export, opening up potentially vast new markets for them. Of the 4,247 identified firms exporting goods (worth $20.3 billion from Alabama in 2021), 3,410—or 80.3 percent—were small. We would definitely like to see those numbers increase.”
Individual STEP awards are managed at the local level by state government organizations.
To explore how small business counseling can help inform?your export strategy, connect with the Birmingham U.S. Export Assistance Center with the International Trade Administration, or?connect with us, SBA Alabama District Office.
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