MILWAUKEE — Wisconsin’s small businesses have access to $429,000 in funding from the U.S. Small Business Administration’s State Trade Expansion Program to help them expand with exporting opportunities. In all, the SBA has awarded $19 million to 48 state and territory international trade agencies through its competitive STEP effort to support export growth among U.S. small businesses.
The STEP award will support small business exporting activities that will promote the quality of products and services Wisconsin offers to global customers, including a series of international in-person and virtual trade ventures organized by the Wisconsin Economic Development Corporation and Department of Agriculture, Trade and Consumer Protection. In addition, STEP funding will support WEDC’s continued partnership with the Wisconsin Center for Manufacturing and Productivity to deliver the ExporTech Program. ExporTech assists small businesses in developing an export strategy through a proven curriculum. Wisconsin’s ExporTech Program has already successfully assisted more than 200 Wisconsin companies.
“SBA’s STEP program has been a critical resource for states to help their small businesses and entrepreneurs expand into international markets,” SBA Great Lakes Regional Administrator Rob Scott said. “This is important because small businesses that export can grow revenue, contributing to a higher likelihood of them staying in business and strengthening local economies with job creation, especially in challenging times like this, as 95% of the world’s consumers are beyond U.S. borders.”
STEP is designed to assist states with increasing the number of small businesses that export and the value of those exports. Since its creation in 2010 as part of the Small Business Jobs Act, STEP has recorded over $3.8 billion in exports and awarded approximately $176 million in grants to fund export opportunities, increasing the footprint of American small businesses in countries worldwide. Wisconsin has received more than $3.5 million in STEP awards over the program’s 10-year existence.
“STEP and SBA’s other export resources, including SBA-backed loans and local U.S. Export Assistance Centers, help remove barriers to market entry for small businesses. By supporting Wisconsin’s international trade efforts, the SBA is delivering tools for small businesses here to build relationships and diversify their customer base by offering their services and products abroad,” said SBA Wisconsin’s District Director Eric Ness.
The 2020 STEP awards will allow Wisconsin to assist small businesses with the information and tools they need to succeed in export-related activities in line with the program objectives. These objectives include participation in foreign trade missions, foreign market sales trips, services provided by the U.S. Department of Commerce, as well as design of international marketing campaigns, export trade show exhibits, training workshops and more.
“Without the SBA award, Wisconsin companies would not have attended shows like the Paris Airshow, the UAE Gulfood show or the Australia Fine Food Show. This funding has allowed the Wisconsin Economic Development Corporation to help more companies export to more countries. It is an essential part of the work we do. We greatly value the STEP program,” said WEDC Vice President of Global Trade and Investment Katy Sinnott.
Individual STEP awards are managed at the local level by state government organizations. SBA’s Office of International Trade administers the STEP awards at the national level and its guide to exporting offers more information on STEP and other small business resources for international trade.
To learn more, visit www.sba.gov.
