Idaho Commerce reported that the state will receive a $233,000 State Trade Expansion Program (STEP) grant to support the growth of small business exporters across Idaho.
This grant will fund projects from September 30, 2023 to September 29, 2024. STEP is funded in part by a grant from the U.S. Small Business Administration (SBA) and is managed by Idaho Commerce.
Tina Salisbury, interim international trade manager and STEP grant project director for Idaho Commerce, said Idaho has received STEP funding since 2011, with $4.09 million awarded to the state since then. Ta. This funding benefited 573 eligible Idaho companies with 779 projects and international marketing campaigns. This year, 20 eligible small businesses will receive funding. These include ATC Manufacturing, HMI Hamilton Manufacturing, Genesis Arms, Snowbound Solutions, Wild Rye, Aviation Specialty Unlimited, and more.
“The STEP program is a powerful tool for Idaho’s small businesses and economy because it increases the number of small businesses that export, increases the value of exports, and increases the number of small businesses that explore significant trade opportunities,” Salisbury said. said.
This fund plays a critical role in Idaho’s future and economy.
“Exporting is beneficial for businesses of all sizes,” she continued. “On average, sales grow faster, more jobs are created, and employees earn more than non-exporting companies. The most important benefit of exporting is that companies grow in new markets and It’s an opportunity to reach customers all over the world. Without exports, a company could be limited to one market and have less potential for growth.”
Companies have been positively impacted by this program, contributing not only to increased export values but also to the development of new trade opportunities.
Air Vise and Workholding, a Boise-based vise specialist, received a $9,000 grant from STEP and reported a measurable impact on the company’s growth.
“We would not have been able to grow our exports as much as we did last year without the support of Idaho Commerce,” said Austin Jones, the company’s business manager. “Thanks to the STEP grant, we were able to take the risk of investing time and money in pursuing international markets, whereas previously we only had the resources to focus on sales here in the U.S. .”
Participants can also participate in a variety of STEP-funded programs if they meet SBA eligibility requirements. These include export training sessions and seminars, financial assistance awards, online global programs to support the internationalization of websites and e-commerce, and country-led industry international trade shows.
said Ryan Edmark, director of sales for AeroLEDs. “Without Idaho, we may never have been to an international trade show. They helped us develop markets and capture new revenue streams, and we are very grateful.” Masu.”
The application window for small business applicants to apply for STEP funding is currently closed, but is expected to open again in August 2024. For more information about the STEP program, visit the Idaho Commerce site (commerce.idaho.gov).