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Governor announces SBA funds available to help Kentucky small businesss become exporters


Gov. Andy Beshear announced this week the continued support of small-business growth statewide as the U.S. Small Business Association (SBA) awarded the Commonwealth $400,000 in State Trade Expansion Program (STEP) funds to help more companies export.

The grant program, which is marking its 10th anniversary of funding small business growth, provides companies with the information and tools needed to successfully sell their products and services worldwide.
 
“The STEP program has helped hundreds of Kentucky companies become exporters, which has boosted economic development across our state,” Gov. Beshear said. “We recognize that small and medium-size businesses are essential to the success of Kentucky’s economy. Gaining the resources to empower even more of our great companies to access international markets is a big win for Kentucky businesses, as well as the families and communities they support.”

Eligible Kentucky businesses may receive up to $10,000 in grant funding for year 10 of the STEP program. Companies can begin the application process now by visiting kyexports.com.

Exporting activities supported by STEP funding include valuable training and workshops for export readiness, participation in trade missions with international audiences, foreign market sales trips, design of international marketing media and exhibiting at trade shows with international audiences, as well as other meaningful engagement outside the United States. Since inception in 2011, Kentucky STEP has awarded over $2.7 million to more than 230 businesses across the state. With 95% of the world’s consumers and two-thirds of all purchasing power located outside the United States, this grant program plays a critical role in providing access to capital, access to markets and access to buyers.

In Kentucky, STEP has served as a leading example of how a state can partner with companies to expand and enter new markets. Since the program was established, the commonwealth has established itself as a major player on the global stage. In 2021, Kentucky companies bounced back strong in response to the pandemic by exporting more than $29.5 billion in products worldwide.

“STEP is vital to helping for-profit Kentucky businesses that are ready to start exporting or are currently exporting,” said Mary NeCamp, Kentucky’s STEP director. “The program has allowed companies from across the Commonwealth to successfully unlock international markets – and grow as a result. We look forward to working with a wide range of eligible businesses from all 120 counties to access this powerful resource. I encourage anyone interested in applying for STEP Year 10 to visit our website at kyexports.com for the application and other valuable sources of information for exporters.”

The Commonwealth is home to more than 360,000 small businesses that employ 716,000 people. That represents approximately 99.3% of all companies in the state. Small businesses have made significant contributions to Kentucky’s record economic success, and STEP has taken that momentum to new heights.

The continued success of the program is reflected in Kentucky receiving awards in each of the last 10 cycles. Those resources have helped companies gain exposure on a global scale, while also raising awareness of Kentucky-made products.

“The STEP grant helped FeltLOOM Inc. do business in international markets,” said Lanette Freitag, president of FeltLOOM in Sharpsburg, which created an innovative solution for making nonwoven fabric. “It helped pay for our compliance testing to ship into foreign markets and raised awareness for our business opportunities that are available in the world. It has been important to our small company. We are currently sold into 21 countries.”

STEP is an SBA program administered in the Commonwealth by the Kentucky Cabinet for Economic Development. Companies that meet the federally defined criteria of a small business and will export products that are at least 51% U.S. content could be eligible for a grant.
STEP also aligns with the Kentucky Export Initiative (KEI). Through KEI, the cabinet partners with a coalition of agencies and organizations to streamline and promotes the state’s efforts to help Kentucky businesses reach global markets.


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