The U.S. Small Business Administration (SBA) has awarded New York State nearly $664,000 to support activities to increase small-business exporting.
The New York award is among 40 grants totaling $17.4 million that the SBA is distributing to states and territories, according to a news release the agency issued Monday afternoon.
The funding comes from the agency’s state trade and export-promotion (STEP) program, Maria Contreras-Sweet, SBA administrator, said during a conference call with reporters late Monday morning.
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The Small Business Jobs Act of 2010 (SBJA) authorized the STEP program, which the federal government has funded at $30 million per year for the first two years; $8 million for the third year; and $17.4 million for the fourth year, according to a program fact sheet posted at the SBA website.
“95 percent of the world’s consumers are outside of the United States, and only 1 percent of American [small] businesses are exporting to these markets,” Contreras-Sweet said in her remarks on the conference call.
The purpose of the 2015 awards is for states to assist small businesses with export-related activities or other export initiatives that are in line with the program objectives.
The objectives include participation in foreign-trade missions, foreign-market sales trips, subscription services provided by the U.S. Department of Commerce, along with the design of international-marketing campaigns, export trade-show exhibits, and training workshops, according to the SBA.
The STEP trade-promotion program “does three important things,” she contends.
“First of all, it helps small businesses learn how to start exporting by introducing them to conference and exporting opportunities. Second, it introduces … the ones that are already exporting … to additional markets. And third, it helps them grow their revenue and work force by entry into trade jobs that are higher paying,” Contreras-Sweet said in her remarks.
Recipients in the first two rounds of STEP awards in fiscal years 2011 and 2012 reported a “strong” return on investment of over 19 to 1, she added.
Contact Reinhardt at ereinhardt@cnybj.com
