SBA awards $300K to R.I. for small business export assistance

A $300,000 AWARD FROM THE U.S. SMALL BUSINESS ADMINISTRATION will help Rhode Island small businesses increase their export activities.
A $300,000 AWARD FROM THE U.S. SMALL BUSINESS ADMINISTRATION will help Rhode Island small businesses increase their export activities.

WASHINGTON – For the third consecutive grant cycle, Rhode Island has received an award from the U.S. Small Business Administration’s State Trade and Export Promotion Program to support efforts to export by small businesses in the Ocean State. The $300,000 grant is one of 24 awards given out in the third round of grants handed out by the federal agency, and follows a $412,000 award in 2012 and $499,066 in 2011.
Rhode Island’s award requires the state to contribute a 25 percent match, which in this case will be $100,000. The recipient of the award is the John H. Chafee Center for International Business, and the funds will cover the cost of trade missions, trade shows and exhibits, and marketing assistance.
“I am very pleased that the agency has approved the Chafee Center’s application to continue the enhancement of international trade for Rhode Island’s small business community,” said Mark S. Hayward, the district director for the SBA’s Rhode Island office. “Ray Fogarty and his team have put together an excellent plan, and we in the SBA district office look forward to working with him over the grant period.”
In announcing the awards, the SBA said the STEP program has two aims – to grow the number of businesses exporting as well as to increase the value of exports by companies already exporting. There were 49 applications for awards that were funded by an $8 million appropriation. The agency reports that in the second round of awards in 2012, recipients claimed a return on investment of 19 to 1.
“With today’s technological advances, small businesses are better equipped than ever to compete in a global marketplace,” said SBA Administrator Maria Contreras-Sweet in a prepared statement. “Exporting provides tremendous opportunities for America’s small businesses that are looking to expand and create jobs. The STEP program is another way that the U.S. Small Business Administration is partnering with states to give small businesses the tools and resources they need to take their business to the next level.”
Other New England states to receive STEP awards were New Hampshire ($159,725) and Vermont ($163,404). The largest single awards went to Michigan, North Carolina and Utah, which each received $500,000. The smallest award went to Colorado ($122,512).

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