SBA awards $427K to R.I. to support small business trade growth

THE U.S. Small Business Administration this week awarded $427,950 to Rhode Island to help grow export-related activity among small businesses.
THE U.S. Small Business Administration this week awarded $427,950 to Rhode Island to help grow export-related activity among small businesses.

The U.S. Small Business Administration this week awarded $427,950 to Rhode Island to help grow export-related activity among small businesses.
The funding, awarded through the federal agency’s competitive State Trade Expansion Program, or STEP, was part of $18.8 million awarded to 44 states.
“Exporting provides tremendous opportunities for America’s small businesses and entrepreneurs,” said Maria Contreras-Sweet, SBA administrator, in a statement. “Two-thirds of the world’s purchasing power can be found outside of the United States, but only about 1 percent of America’s 28 million small businesses are reaching customers beyond our borders. Exporting is an important growth opportunity for our small businesses that are ready to expand their reach into new and increasingly borderless global markets. These STEP awards, in addition to SBA’s export loans and U.S. Export Assistance Centers, help small businesses across our nation have the tools, resources and relationships they need to take their businesses global.”
The funding is designated to help small businesses expand export-related activities, including foreign trade missions, foreign market sales trips, subscription services for access to international markets and design of international marketing campaigns, according to the announcement. Of the 44 states to receive funding, Rhode Island was awarded the 19th most. Illinois, North Carolina and Washington received the most at $850,000 each.

Massachusetts received $504,478.

The SBA says recipients of the awards reported strong return on federal taxpayer investment, generating $22 million in U.S. small business export sales for every $1 awarded.
For information, small-business owners can visit the SBA international trade website.

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