State of Idaho to Receive FFY15 STEP Grant
NEWS RELEASE: For Immediate Release
Contact: Kayla Church
State of Idaho to Receive FFY15 State Trade & Export Promotion (STEP) Grant Dollars
STEP Grant are funded by the U.S. Small Business Administration and administered by Idaho Commerce
BOISE, Idaho—Wednesday, September 26, 2015—The State of Idaho will receive a State Trade and Export Promotion (STEP) Grant of $346,708 for federal fiscal year 2015. The STEP program is funded in part through a Cooperative Agreement with the U.S. Small Business Association (SBA) and is administered by the Idaho Department of Commerce. This is the fourth award Idaho has received to make funds available to qualifying Idaho companies to export products internationally.
The State Trade and Export Promotion (STEP) Program is a pilot export initiative to make matching-fund awards to states to assist their small businesses with entering and succeeding in the international marketplace. The program’s objectives are to increase both the number of small businesses that begin to export and the value of exports for small businesses currently exporting. 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. Results posted by the SBA for the STEP program have been very strong with recipients in the first two rounds of STEP awards, in FY 2011 and FY 2012,reporting a strong return on investment of over 19:1 for the nationwide program as a whole.
Utilizing STEP funds, Idaho Commerce and Idaho State Department of Agriculture will support small businesses with activities such as organizing industry specific trade shows with state pavilions as well as facilitating a direct financial assistance program. Eligible companies can apply for funds on a competitive basis to target approved export projects with awards ranging from $2,000 to $15,000 per project.
“We’re so excited to be able to administer the STEP grant for another fiscal year,” said Idaho Commerce Director Jeffery Sayer. “This program has done so much to assist Idaho businesses in various stages of exporting, while also growing our state’s economy.”
To learn more about Idaho’s current STEP grant program and for all updates regarding our implementation of this new 2015 award, visit https://commerce.idaho.gov/idaho-business/international-trade/step-grant
For a list of awardees and more information on the STEP program, visit https://www.sba.gov/content/sba-announces-funding-boost-export-opportunities-small-businesses.