SBA releases money to buoy small biz exports

Small businesses across the country will have access to $17.4 million in funding to help them enter and compete in the global marketplace, as the Small Business Administration – and Delaware business will have $276,741 of it.

“Exports are a central part of America’s economic growth; with export-supported jobs paying 15-18 percent more. Yet less than one percent of small businesses export; and of those that do, 58 percent of them export to only one country,” said SBA Administrator Maria Contreras-Sweet in announcing the funding. “Unlocking trade opportunities for small businesses is key to continued growth and expansion. SBA’s STEP program ensures local resources are available to help small businesses tap global markets. By funding states and their export development partners, the SBA is delivering the tools and resources required for small businesses to launch their services and products abroad.”

Contreras-Sweet pointed out that 95 percent of the world’s consumers live outside the U.S. She said the funding will assist small businesses with export-related activities, including foreign trade missions, foreign market sales trips, subscription services provided by the U.S. Department of Commerce, international marketing campaigns, export trade show exhibits and workshops.

The STEP program is designed to increase both the number of small businesses that begin to export and the value of exports for small businesses currently exporting.