Kentucky State Seal

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*OFFICE OF GOVERNOR ANDY BESHEAR*

*COMMONWEALTH OF KENTUCKY*








*FOR IMMEDIATE RELEASE*




*Contact:*?

*Crystal Staley*
*502-545-3714*

*Brandon Mattingly
502-782-2006*






*Gov. Beshear: Kentucky Awarded $400,000 From State Trade Expansion Program To Help Businesses Become Exporters*

"Eligible small businesses encouraged to apply for up to $10,000 in reimbursement funds"

*FRANKFORT, Ky. (Sept. 26, 2023) *? Today, Gov. Andy Beshear announced the continued support of small-business growth statewide as the U.S. Small Business Association (SBA) awarded the commonwealth $400,000 in State Trade Expansion Program (STEP) funds to help more companies export.

The grant program, which is marking its 11th anniversary of funding small-business growth, provides companies with the information and tools needed to successfully sell their products and services worldwide.

?This funding and the support of Kentucky?s STEP program will help many more great companies write their success stories here in the commonwealth,? *Gov. Beshear *said. ?The vast majority of exporters in Kentucky are the kinds of small and medium-sized businesses that drive our economy. Hundreds of them have started exporting with assistance from Kentucky STEP, which has allowed them to prosper and provide quality jobs across our state. It is a win-win for companies and Kentucky.?

Eligible Kentucky businesses [ [link removed] ] may receive up to $10,000 in reimbursement grant funding for year 11 of the STEP program. Companies can begin the application process now by visiting kyexports.com [ [link removed] ].

A wide range of activities are supported by STEP, including training and workshops for export readiness, U.S. Department of Commerce user service, website development, trade missions, foreign market sales trips, design of international marketing media, exhibiting at trade shows with international audiences, compliance testing, export credit insurance premiums and much more. Since its inception in 2011, Kentucky STEP has awarded $3.1 million to more than 235 businesses across the state. With 95% of the world?s consumers and two-thirds of all purchasing power located outside the United States, this grant program plays a critical role in providing access to capital, markets and buyers.

In Kentucky, STEP has served as a leading example of how a state can partner with companies to expand and enter new markets. Since the program?s start, the commonwealth has established itself as a major player on the global stage. In 2022, Kentucky companies exported $34.5 billion in manufactured products, an uptick of 15.7% over 2021. The latest data shows Kentucky exported $7.8 billion of services in 2021.

?STEP is an invaluable tool for Kentucky businesses preparing to or already exporting,? said* Mary NeCamp, Kentucky?s STEP director*. ?Exporting is proven to help businesses increase profits, while making them more resilient by creating diverse revenue sources. STEP can help companies from across the state realize those benefits by introducing their products and services to customers around the globe. The training and education components of Kentucky?s STEP program also equip businesses to successfully navigate challenges that may come with exporting. Reimbursement through STEP makes it possible for companies to explore international markets and receive expert assistance through partner organizations. We look forward to helping eligible businesses in all 120 counties to capitalize on the immense opportunities.?

Anyone interested in applying for STEP Year 11 is encouraged to visit kyexports.com [ [link removed] ] for the application and other valuable sources of information for exporters.

As of 2022, Kentucky was home to more than 360,000 small businesses that employ 716,000 people. That represents approximately 99.3% of all companies in the state. Small businesses have made significant contributions to Kentucky?s record economic success, and STEP has taken that momentum to new heights.

The continued success of the program is reflected in Kentucky receiving awards in each of the last 11 cycles. Those resources have helped companies gain exposure on a global scale while also raising awareness of Kentucky-made products.

?International business and exporting have always been an interest to me but seemed daunting in our last business. Everywhere I turned, I experienced roadblocks, so we relied on outside consultants and freight forwarders to process paperwork and missed out on several opportunities,? said *Michelle Pandow of Caliber Armor*, a Louisville-based body armor manufacturer. ?Being able to exhibit and show our products would not have been possible without the funds made available by the STEP grant. Exporting has increased our sales by 10%, and in July, we hired two full-time employees to allow more production and for me to be able to focus on export expansion. As a woman-owned business in a primarily male-dominated sector, I am proud to not only bring our life-saving products to the men and women that help keep our country and communities safe but also to be a globally recognized brand.?

STEP is an SBA program administered in the commonwealth by the Kentucky Cabinet for Economic Development. Companies that meet the federally defined criteria of a small business [ [link removed] ] and will export products that are at least 51% U.S. content could be eligible for a grant.

STEP also aligns with the Kentucky Export Initiative (KEI) [ [link removed] ]. Through KEI, the cabinet partners with a coalition of agencies and organizations to streamline and promote the state?s efforts to help Kentucky businesses reach global markets.

The newly announced STEP funding builds on recent economic momentum in the commonwealth.

Last month, Gov. Beshear reported [ [link removed] ] that General Fund receipts for July 2023 totaled $1.1 billion, marking the 11th straight month with revenues over $1 billion. The Governor also recently announced [ [link removed] ] that his administration secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history.

The General Fund budget surplus at the end of fiscal year 2023 was more than $1.55 billion. Nearly all of the $1.55 billion surplus will go into the commonwealth?s Rainy Day Fund, bringing the fund to a record balance of $3.7 billion ? a 2,700% increase since Gov. Beshear took office in 2019.

This year, the Governor announced [ [link removed] ] that Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 880 private-sector new-location and expansion projects totaling approximately $27 billion in announced investments, creating 47,600 jobs. This is the highest investment figure for any governor in state history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 was $26.78 before benefits, the second-highest mark since 2010 and an 11.5% increase over the previous year.

The Governor also secured the best two-year period in state history for economic growth and announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK On celebrated [ [link removed] ] a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. In April 2022, the Governor was joined by leadership at AESC to announce [ [link removed] ] a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.

That position was strengthened even further in May 2023, when the Governor and leaders at Toyota announced [ [link removed] ] a $591 million investment across multiple projects as the company?s largest manufacturing operation in Georgetown introduced its first battery electric vehicle. Growth within the EV sector continued into June as Gov. Beshear joined INFAC North America to break ground [ [link removed] ] on the company?s $53 million investment to support EV-related production in Campbellsville.

Over a two-month period this year, Kentucky secured two credit rating increases from major agencies. On May 12, Gov. Beshear announced [ [link removed] ] that his administration obtained the first state-level credit rating upgrade in 13 years and the first-ever upgrade from Fitch Ratings. On June 29, Gov. Beshear announced [ [link removed] ] the commonwealth received its first-ever rating increase from S&P Global Ratings.

Site Selection magazine recently placed Kentucky first in the South Central region and top-5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects. The publication also placed Kentucky second nationwide and first in the South Central region for its annual Governor?s Cup ranking for 2022, which recognizes state-level economic success based on capital investments.

Gov. Beshear announced a new ?Supply Kentucky [ [link removed] ]? initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

For more information, or to apply for STEP funding, visit kyexports.com/step-grant. [ [link removed] ] Email completed applications to STEP Program Manager Mary NeCamp at [email protected].

Information on Kentucky?s economic development efforts and programs is available at "CED.ky.gov" [ [link removed] ]. Fans of the Cabinet for Economic Development can also join the discussion at "facebook.com/CEDkygov" [ [link removed] ]", on Twitter ""@CEDkygov" [ [link removed] ]", Instagram ""@CEDkygov" [ [link removed] ]" and ""LinkedIn" [ [link removed] ].

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