Washington state receives $900,000 small business grant to boost small business exports

More than $700 million in sales attributed to State Trade Expansion Program (STEP) since inception

 

Last updated 9/19/2019 at 9:41am



OLYMPIA – The U.S. Small Business Administration (SBA) has awarded the Washington State Department of Commerce an eighth year of funding to help state small businesses grow through exporting. The $900,000 grant, part of the SBA’s State Trade Expansion Program (STEP), is the highest and maximum amount awarded from a total $18 million to 41 states.

Commerce will use the funds to continue a number of successful export assistance programs for small businesses, including export vouchers, support for industry focused trade shows and trade missions, inbound buyer events and export training.

More than 838 unique small businesses around the state have benefited from about $5.7 million in STEP-funded support since the program’s inception through the Small Business Jobs Act of 2010. They have achieved over $700 million in sales, creating an estimated return on investment of nearly 100:1. Of these small businesses, 177 are located in 25 rural Washington counties — more than 20 percent of all participating companies.


“One in three jobs in Washington depend on international trade, and this funding is essential for us to continue helping small businesses all over the state grow and create jobs that strengthen communities through exporting,” Commerce Director Dr. Lisa Brown said in a Sept. 17 news release.

 

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