Grant for $300,000
FRANKFORT, Ky. (Sept. 4, 2014) — The Small Business Administration announced today that Kentucky will receive a $300,000 State Trade Export Promotion (STEP) grant, designed to encourage and boost international trade among the commonwealth’s small businesses.
“Small businesses are a significant job creator and driver of Kentucky’s economy,” Gov. Steve Beshear said. “Through this STEP grant, these businesses will have even more opportunities to build relationships, increase sales and explore global markets.”
This is the third round of funding offered through the program. Kentucky received a $276,000 grant during the second phase in 2012 and $427,000 for the first round in 2011.
The STEP program aims to increase the number of small businesses that begin to export and increase the value of exports for small businesses that currently export.
The 2014 awards provide resources for states to make it more cost effective for small businesses to participate in international trade missions, sales trips and subscription services provided by the U.S. Department of Commerce. In addition, the funds assist companies with international marketing campaigns, export trade show exhibits, training workshops or other export initiatives that are in line with the objectives of the program.
Last year Kentucky exported nearly $26 billion in products to more than 200 countries, the third consecutive year of record growth.