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SBA Funds $60 Million For Small Business STEP Grant Program

Small Business Administration
The U.S. Government's Small Business Administration (SBA) is a government agency that provides grants, loans, loan guarantees, contracts, counseling and other forms of assistance to small businesses. One of their programs is the State Trade and Export Promotion Grant Program (STEP), a program designed to help small businesses increase their export trade.

The 3-year program matches grants given by states to small businesses to either enter or increase their business internationally. The objective is to help small businesses become more competitive in the international marketplace. The program is managed by SBA with grants being awarded at the state level.

How does STEP work?

Eligible small business include those that are owned and controlled by socially and economically disadvantaged individuals, women, veterans and service-connected disabled veterans. It also includes small businesses located in rural areas. Small businesses may contact their state SBA agency to apply.

The program is funded in general by the federal government to state governments at a ratio of 75/25 percent. The STEP program was made possible through the the Small Business Jobs Act of 2010. All 50 states, the District of Columbia, Puerto Rico, Virgin Islands, Guam, and American Samoa, are eligible to participate in awarding matching fund grants to small businesses.

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