- garon.ch / Foter / CC BY-NC-SA
The Small Business Administration announced Delaware will receive an a State Trade and Export Promotion (STEP) Program award totaling $276,741 to support the state’s efforts to assist companies entering and developing overseas markets.
The SBA’s STEP Program makes matching-fund awards to states to assist small businesses enter and succeed in the international marketplace. In the case of Delaware, the state will match the SBA grant with $92,247.00, bringing the total available for export efforts to $368,988.
The grant will be used to directly reimburse small and medium-sized companies for money spent on eligible, pre-approved export expenses such as international travel, trade show activities, international marketing materials and overseas interpreters.
The grant will also be used for a wide range of export-related marketing activities, from working with in-country trade reps to organizing trade missions to connect Delaware businesses with buyers and distributors abroad.
Global Delaware, the Department of State’s international economic development office, is planning for development missions to Mexico, Germany, South Korea and Canada, identified in a recent study as holding the most promise for Delaware companies.
STEP grant funds are used to set up one-on-one business meetings with potential distributors and customers in the target markets, hire interpreters, and cover other costs associated with the missions, such as translating marketing presentations and paying for in-country transportation.
Companies interested in a trade mission or applying for an export grant can find more information and the application on the Global Delaware website at global.delaware.gov
