October 2020 Newsletter
Record-High ($641,000) SBA STEP Grant Awarded to Utah to Accelerate International Growth for Utah Businesses
Just last week, the U.S. Small Business Administration (SBA) announced that World Trade Center Utah (WTC Utah) will receive a State Trade Expansion Program (STEP) Grant of $641,000 on behalf of the state to accelerate the growth of international sales for Utah small businesses. This record-high increase in funding is a huge win for the state as well as all of the small businesses whose success internationally acted as the catalyst for SBA’s increased award amount. In just the past two years, Utah’s received the largest STEP Grant award increase (114%) among any state in the country in this highly competitive process, and we are excited to administer the STEP Grant funding to Utah companies during the next twelve months in order to help them succeed internationally.
Utah’s export growth rate has been the highest in the nation for the past two years. Eighty-five percent of Utah’s exporters are small businesses, and international sales add $5 billion across the state in additional revenue for these small business exporters. STEP Grant funding ensures that these small businesses have the tools necessary to expand and market their products and services around the world.
WTC Utah will administer the grant by providing financial support and business services to small Utah businesses to help them compete and win in global markets. STEP is funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
Although the pandemic has decreased international business travel, WTC Utah is experiencing an increase in demand for STEP Grants as Utah companies seek to use the relative economic strength we enjoy in Utah to take advantage of the historic disruption in global markets. Over the last few months, award recipients are using STEP Grants to translate materials, enhance their e-commerce platforms, implement global marketing strategies and to cover travel costs to countries around the world that are open to international travel.
The STEP Grant officially opened on October 5th, 2020, and we are now accepting applications. Click here to register or learn more. If you have questions, don’t hesitate to reach out to our STEP Grant Project Director Nicole Sherwood at nsherwood.com or at (801) 599-9185.
STEP is funded in part through a Cooperative Agreement with the U.S. Small Business Administration.