Wilmington – The Small Business Administration (SBA) has granted Global Delaware, the international development initiative of Delaware’s Department of State, an FY 2016 State Trade and Export Promotion (STEP) Program award totaling $282,636 to support the state’s efforts to help Delaware companies enter and develop markets overseas. This year’s grant is the largest STEP award the state has ever received.
The SBA’s STEP Program gives states matching-fund awards to assist small businesses looking to enter and succeed in the international marketplace. The program’s objective is to increase the number of U.S. small businesses that export and to increase the value of these exports.
As with previous STEP grants, a significant portion of the grant will be used to directly reimburse small- and medium-sized companies for money spent on eligible, pre-approved export expenses such as international travel, trade show activities, international marketing materials and overseas interpreters.
The STEP award will also be used to finance export-related marketing activities, such as organizing trade missions to connect Delaware businesses with buyers and distributors abroad. Global Delaware organized trade missions to Mexico, Canada, South Korea and Germany this year. STEP grant funds are used to set up one-on-one business meetings with potential distributors and customers in the target markets, hire interpreters, and cover other costs associated with the missions, such as translating marketing presentations and paying for in-country transportation.
Delaware companies can learn more about attending a mission or applying for an export grant at global.delaware.gov/expand or by emailing global@delaware.gov.
