INDIANAPOLIS (Sept. 12, 2019) – The U.S. Small Business Administration
(SBA) today announced Indiana as
the recipient of a $495,000 State Trade and Export Promotion (STEP)
grant, supporting the state’s efforts to develop and expand export-related
activities among small businesses and open up new markets for Hoosier-made
goods around the world.
“As we work to remain competitive in today’s
global economy, Indiana recognizes the need to cultivate mutually beneficial
partnerships around the world and ensure our businesses and people are
connected to international markets,” Governor Eric J. Holcomb said.
“With the federal STEP grant, we’ll help Indiana-based small businesses
grow and sell Hoosier-made goods across the globe.”
The STEP program, which is administered by the
SBA’s Office of International Trade, is designed to increase the number of
small businesses that export goods and to increase the value of exports from
small businesses. Since its initial launch, the STEP program has
awarded approximately $157 million in grants to U.S. small businesses.
Under the program, eligible small businesses may
apply with the Indiana Economic Development Corporation (IEDC) for
reimbursements of export-related activities like participating in international
trade missions, foreign trade shows and export educational programs, as well as
other export services provided by the U.S. Department of Commerce. The
IEDC will match the federal grant with $165,000, increasing the total funding
available to Indiana small businesses to $660,000.
“We are excited that the IEDC has succeeded in
bringing STEP funding back to the state of Indiana,” SBA Indiana District
Director Stacey Poynter said. “Programs and funding created through the
STEP award and SBA’s other export resources,
including SBA-backed loans and local U.S. Export Assistance Centers,
can open doors for small businesses to explore revenue streams they never
dreamed existed abroad.”
Indiana’s STEP grant, which aims to help diversify
Hoosier small businesses’ customer bases and support job creation, complements
efforts already underway to assist companies with identifying, marketing and
selling their products or services around the world. Specifically, the Export
Indiana Fellowship, which is managed by the Indiana Small Business Development
Center in partnership with Purdue University’s Krannert School
of Management and The International Center, is a three-month long program
that helps small businesses create ready-to-execute export plans in order
to drive growth and position their business in the international
marketplace.
According to the U.S. Census Bureau, Indiana ranks
in the top 15 exporting states, with businesses shipping products and goods
such as automotive parts, pharmaceuticals and agricultural commodities to
global customers. Today’s announcement comes on the heels of Gov. Holcomb’s
eighth international economic development trip to support Indiana’s global
economy, strengthening partnerships, increasing connectivity with global
markets and attracting investment and jobs to the Hoosier state.
More information about the state’s STEP program and how Indiana small
businesses can apply will be available in the coming months.
