The Minnesota Trade Office has been awarded $564,132 from the U.S. Small Business Administration to fund the Minnesota STEP program (State Trade and Export Promotion).
Minnesota’s share of the federal STEP funding, for the Federal Fiscal year beginning Oct. 1, 2015, is the twelfth highest out of 40 awards and about 20 percent greater than last year’s award.
“Exports create new jobs and increased revenue in Minnesota,” said Minnesota Department of Employment and Economic Development Commissioner Katie Clark Sieben. “The increase in federal funding for the STEP program will allow us to serve even more small business customers desiring to sell goods and services globally.”
STEP is open to first-time exporters or current exporters that are interested in expanding into new international markets. Qualifying companies can use the funding to participate in foreign trade missions, trade shows and other export-related activities.
Through June, fifty small businesses were approved for more than $309,000 in STEP funding. Companies have used the funding to explore markets in the United Arab Emirates, Mexico, Peru, Canada, New Zealand, Japan, Israel, Australia, Germany, China, Sweden, Vietnam, Liberia, Brazil and Spain.
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