WASHINGTON, June 1, 2017 /PRNewswire-USNewswire/ -- Administrator Linda McMahon, head of the U.S. Small Business Administration, today announced an $18 million funding opportunity to support export growth among U.S. small businesses. The funding opportunity will be awarded through SBA's competitive State Trade Expansion Program (STEP). States interested in putting in proposals should go to Grants.gov and download the funding opportunity announcement. The deadline for proposals is June 10.
STEP awards were created to advance key priorities identified in the President's National Export Initiative, namely to expand the base of small businesses that become exporters and to make the exporting process as easy as possible for small businesses.
STEP funds allow small businesses the opportunity to meet foreign buyers face-to-face at trade shows or on trade missions, and complement SBA's export loan guaranty programs, which can finance the working capital needed to complete export orders and help finance the expansion of production facilities due to export success. Loans are available up to $5 million. More information can be obtained from SBA's Export Finance Mangers located at 21 U.S. Export Assistance Centers across the country.
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.
About the U.S. Small Business Administration
The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012, has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. Visit the website at www.sba.gov.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sba-announces-18-million-in-funding-opportunity-to-support-small-business-trade-growth-300467583.html
SOURCE U.S. Small Business Administration