The U.S. Small Business Administration has awarded Idaho a State Trade Expansion Program Grant of $600,000 to support Idaho companies in exporting products internationally.
The matching fund award is for projects to occur from now through September 2020.
The expansion program will be administered by the Idaho Department of Commerce. The state has received the grant since 2011, and in Federal Fiscal Year 2015, Idaho companies reported successful returns of nearly 40 to 1 from the program.
Using STEP funds, Commerce and the Idaho State Department of Agriculture will support small businesses with activities such as organizing industry-specific trade shows and missions, as well as facilitating a direct financial assistance award program.
Eligible companies applied for funds on a competitive basis to target approved export projects. Last month, $114,000 was awarded to 17 Idaho small businesses in industry sectors ranging from manufacturing and agriculture, to aerospace and outdoor recreation. Projects range from sales trips to Australia and Norway, to exhibiting at some of the world’s largest international industry trade shows in France and Germany. (Times-News)
