A $500,000 federal grant will help small businesses in Colorado with exporting.

The U.S. Small Business Administration awarded the funding through its State Trade Expansion Program (STEP).

The Colorado Office of Economic Development and Trade (OEDIT) will oversee the distribution and use of the grant.

The SBA awarded a total of $20 million to 52 state and territory international trade agencies, the highest number of grantees since the inception of the program.

Michelle Hadwiger, director of the OEDIT global business development division, said the grant will fund important work. “Continued support from the SBA’s State Trade and Expansion Program has played a key role in helping Colorado’s small businesses expand their exporting activity, and that translates into an increased ability to grow their revenue and contribute to a strong Colorado economy.”

Frances Padilla, director of the SBA Colorado District Office, also said she was pleased with the latest grant and efforts to promote exports. 

“Our state’s exporters sell products and services ranging from agricultural goods to aerospace components all over the globe,” Padilla said. “Exported goods from Colorado were valued at $7.8 billion. And of those exporters, 87.5 percent were small businesses.” 

 STEP awards help entrepreneurs enter and compete in the global marketplace by providing the information and tools they need to succeed in export-related activities. Exporting activities include participating in foreign trade missions, trade shows and market sales trips as well as attending training workshops and designing international marketing campaigns. State government organizations manage the awards at the local level.

This year marks the 10-year anniversary of STEP funding. To date, the program has awarded $215.5 million in grants. The program remains in high demand with a combined request of more than $39 million in funds this year alone.

 Since its creation as part of the Small Business Jobs Act, STEP has recorded over $3.8 billion in exports with more than 12,000 small businesses receiving grants to fund their export opportunities and extend their activities across 141 countries. Last year, for every $1 in funding for STEP  businesses benefited from $42 in export sales.  

Gabe Esparza, associate SBA administrator for international trade, praised the effort. “We are thrilled to reach this historic 10-year milestone of what has become a very impactful tool for export promotion. We are even more thrilled with the outcomes of the grants. The STEP program continues to be validated by its strengthening returns on investments, increased demand for funding and expansion of eligible small business concerns addressed.”

For more information about the State Trade Expansion Program and funding opportunities, visit www.sba.gov/STEP.