SBA awards $373K to Chafee Center for International Business

SMITHFIELD – The U.S. Small Business Administration awarded a $373,000 grant on Tuesday to the John H. Chaffee Center for International Business at Bryant University to support activities to increase exporting by small businesses.

“I commend the Chafee Center for providing comprehensive international trade services to help local businesses expand into international markets. This federal funding is a smart investment in growing jobs and exports here in Rhode Island and helping local businesses expand into foreign markets,” U.S. Sen. Jack F. Reed, who helped create the State Trade and Export Promotion program as part of the Small Business Jobs Act of 2010, said in a statement.

The purpose of the 2015 awards is for states to assist small businesses with export-related activities or other export initiatives in line with program objectives.

These objectives include participation in foreign trade missions, foreign market sales trips, subscription services provided by the U.S. Department of Commerce, as well as design of international marketing campaigns, export trade show exhibits, training workshops and more.

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“Exports are a central part of America’s economic growth, with export-supported jobs paying 15-18 percent more. Yet less than 1 percent of small businesses export; and of those that do, 58 percent of them export to only one country. Unlocking trade opportunities for small businesses as has been done by many Rhode Island small businesses is key to continued growth and expansion,” Seth Goodall, SBA New England regional administrator, said in a statement.

Ronald K. Machtley, Bryant University president, said he is grateful for the continued support from the SBA, which allows Bryant faculty, students and staff at the Chafee Center for International Business “to work with Rhode Island companies to expand their global footprint through trade missions and export promotion.”

By funding states and their export development partners, the SBA is delivering the tools and resources required for small businesses to launch services and products abroad. With 95 percent of the world’s consumers living outside of the United States, SBA’s STEP program ensures that America’s small businesses can succeed in the 21st century global economy, according to information from the SBA.

“This funding will provide Rhode Island small businesses with the tools they need to compete in today’s global economy,” U.S. Sen. Sheldon Whitehouse said.

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. Expanding the base of small business exporters and making the process as easy as possible is a key component of the administration’s National Export Initiative.

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