The State of Idaho received a State Trade Expansion Program (STEP) Grant of $319,000 to support the growth of Idaho small business exporters. The grant will fund projects occurring now through September 29, 2023.
The STEP program is funded in part through a grant with the U.S. Small Business Administration and is administered by the Idaho Department of Commerce. The goals of STEP are to increase the number of small businesses that export, increase the value of exports and increase the number of small businesses exploring significant new trade opportunities.
Program funds can be used to assist small businesses in internationalizing their websites, joining international trade show opportunities and more.
Recipients of STEP awards over the last five program years reported a strong return on federal taxpayer investment, generating an average of $66 in U.S. small business export sales for every $1 awarded. During Idaho’s most successful year with the program companies reported successful returns of over 220:1.
Companies have already begun receiving grants for this funding award with $140,000 awarded earlier this month to 19 eligible Idaho small businesses in industry sectors ranging from manufacturing and agriculture to aerospace.
Companies can learn more about the STEP grant here.
