The state of Colorado will receive $186,140 to support export growth in the state’s small business sector, says Small Business Administration head Maria Contreras-Sweet.
The program, called the State Trade Expansion Program, was created to expand the number of small businesses who can export goods to other nations and to make the process easy for smaller businesses. The awards are granted to states that help small business improve exports through participating in foreign trade missions, foreign market sales trips, subscription services for access to international markets, as well as the design of international marketing campaigns, export trade show exhibits and export training workshops.
“Two-thirds of the world’s purchasing power resides outside the U.S,” Contreras-Sweet said. “That makes exporting an important growth opportunity for Colorado small businesses that are ready to expand their reach into new and increasingly borderless global markets. These STEP awards in addition to SBA’s export loans and U.S. Export Assistance Centers, small businesses in Colorado have the tools, resources and relationships they need to take their businesses global.”
Recipients from the first three rounds of grants — 2011, 2012 and 2014 — saw a $22 return for every dollar of the award.
These awards are designed to increase both the number of U.S. small businesses that start exporting and the overall value of U.S. small business exports. Recipients of STEP awards in the first three rounds (FY 2011, 2012, 2014) reported a strong return on federal taxpayer investment, generating $22 in U.S. small business export sales for every $1 awarded.
Additional information about STEP can be found here.