The U.S. Small Business Administration has awarded a $480,000 grant to promote export growth in Colorado.
The SBA awarded the grant to the Colorado Office of Economic Development and International Trade as part of the SBA State Trade Expansion Program (STEP). The latest grant represents a $155,196 increase over funding awarded in 2018.
Dan Nordberg, the administrator of the SBA region that includes Colorado, said nearly all U.S. exports are driven by small firms that sell their products and services globally.
“This federal STEP grant ensures that small businesses in Colorado will have the tools necessary to expand and market their home grown products and services to international markets,” Nordberg said. “Colorado has been a leader in supporting the export potential of small businesses, and we’re honored to partner with them once again on this important endeavor.”
The 2019 STEP award will fund efforts to provide small businesses with the information and resources they need to succeed in export-related activities. Exporting activities include participating in foreign trade missions and foreign market sales trips, obtaining services provided from the U.S. Department of Commerce, accessing expertise in designing international marketing campaigns and export trade show exhibits, and participating in training workshops.
Since 2011, the STEP program has awarded about $157 million to fund export opportunities and increase the footprint of small businesses in countries all over the world. The SBA Office of International Trade administers STEP awards at the national level. State government organizations manage STEP awards at local levels.