SBA: Cooperative agreements awards available

WASHINGTON – A federal agency is awarding $18 million to states and U.S. territories to help small businesses increase exports.
The U.S. Small Business Administration announced on Wednesday eligible states and territories could start applying for its cooperative agreements awards. The awards are designed to increase small business exporting. The agency’s STEP program, or State Trade and Export Promotion, was appropriated $18 million for the awards, which will be made on a competitive basis by Sept. 30.
“Last year, the SBA surpassed our record for trade finance, supporting $3.3 billion in export sales. I believe we can do even more to help our small businesses reach the 95 percent of consumers who live outside our borders,” said SBA Administrator Maria Contreras-Sweet in a statement. “Small businesses are increasingly engaging in the ever-evolving global marketplace. Through our STEP awards, states can transform more small businesses to become exporters and expand their export sales. In the process, these small businesses will create jobs and strengthen their communities.”
Award amounts will vary based on individual proposed project plans, budgets and competitive quality, according to a press release. The STEP program has yielded a return on investment of more than 19-to-one, according to the SBA, which includes export activities in 85 country markets during its first two years.
Last fiscal year, the Chafee Center for International Business at Bryant University was awarded $373,000 through the STEP program to support small businesses participate in trade missions and trade shows, according to the SBA.
Each state, or territory, cannot submit more than one application for a STEP award, according to the SBA.
Applications will be accepted through March 17. For information, those interested can visit www.sba.gov/step.

No posts to display