The U.S. Small Business Administration announced that $257,914 has been awarded to the Nevada Governor’s Office of Economic Development to support export growth among small businesses through SBA’s competitive State Trade Expansion Program (STEP), up from the $125,000 Nevada was awarded last year.
Since 2011, GOED has received about $1.5 million in STEP grant funding.
The 2019 State Trade Expansion Program awards will help Nevada assist their small businesses with the information and tools they need to succeed in export-related activities, an annoucement stated.
Exporting activities include participating in foreign trade missions and foreign market sales trips, obtaining services provided by the U.S. Department of Commerce, accessing expertise in designing international marketing campaigns and export trade show exhibits, and participating in training workshops, as well as other important means of engagement.
Today, trade represents nearly 58% of the world’s $80 trillion economy, and 95% of the world’s consumers are located outside the United States. Exporting is an important way for U.S. small businesses to grow revenue and boost local economies. The State Trade Expansion Program is designed to assist states with increasing the number of small businesses that export and the value of those exports.
Expanding the base of small business exporters and improving the process to explore new trade opportunities is a key component of SBA’s small business strategy, the SBA said.
Since 2011, the State Trade Expansion Program program has awarded approximately $157 million in grants to fund export opportunities and increase the footprint of small businesses in countries all over the world.
Individual awards are managed at the local level by state government organizations. The U.S. Small Business Administration’s Office of International Trade administers the State Trade Expansion Program awards at the national level.