Washington state receives $900,000 SBA grant to boost small business exports
Commerce program earns largest grant award available through the federal State Trade Expansion Program (STEP)
OLYMPIA, WA – The U.S. Small Business Administration (SBA) announced today a State Trade Expansion Program (STEP) grant of $900,000 to the Washington State Department of Commerce. Washington is one of eight states receiving the largest amount available from a total $20 million awarded to 43 states. The SBA has entrusted Commerce with STEP grants each year since its inception in 2010, providing essential funds to help state small businesses grow through exporting and international trade.
“As the world continues to experience economic challenges, exporting can serve as a key tool for small businesses to diversify their strategies and continue to grow,” said Commerce Director Mike Fong. “I’m proud that the SBA has recognized our team’s exceptional work once again with the largest STEP grant awarded to any state. We look forward to continuing to provide the best support to small businesses looking to grow outside of the United States through targeted trade shows and missions, export training, and technical assistance.”
STEP grants fuel Washington small business exports
Since STEP was established, more than 1,600 unique small Washington businesses realized over $600 million in sales, creating an estimated return on investment of nearly 52:1. Commerce will use this year’s grant funds for a host of proven export assistance programs to expand small businesses. These include export vouchers, support for industry focused trade shows and trade missions, inbound buyer events and export training.
“Attending the Farnborough International Airshow presented us with several prospective opportunities in our pipeline,” said Tommy Gantz, Director of Business Development at TLG Aerospace. “These are directly linked to the initiatives supported by the STEP grant and they highlight the tangible benefits the STEP grant has brought to our company. It has not only allowed us to expand our market reach but also empowered us to pursue new business opportunities aligned with our growth strategy. We are confident that these efforts will continue to yield positive results in the coming months.”
How Commerce will invest grant monies
With this next round of funding, Commerce will participate in more than a dozen trade shows and missions, worldwide, over the year ahead. The focus will be to further support key growth industries, such as medical devices, life science, aerospace, defense, food tech, IoT, electronics, composites, advanced manufacturing, artificial intelligence and others. In addition, companies can engage the agency’s global consultants in key global communities who offer market access support and the export voucher program to offset the cost of international business expansion efforts.
“We have many quotes still open that came from the show,” said Oyvind Henningsen, Owner of Leitor Inc. who sells and services commercial seafood processing equipment. Their company joined the Commerce team at the Global Seafood Expo, held in April. “We expect higher direct sales and we also connected with possible suppliers. This was a very worthwhile show for us!”
“Due to traveling to the Japan [Tokyo] Game Market, we have begun discussions for localizing one of our games with Japanese publishers and anticipate raising significant funds in Japan further support our game in market,” said Alexander Jerabek, Creative Director at Cherry Picked Games. They used the STEP Export Voucher Program to attend Game Market, a Japanese gaming convention that is limited to games that do not require electricity, first held in 2000.
For information about STEP export vouchers or other Commerce programs that help Washington businesses grow, expand and locate in Washington State, please visit ChooseWashington.com.
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