Vermont Business Magazine For the eighth time since 2010 Vermont is receiving a grant to assist small businesses reach global markets. A $306,420 grant was recently awarded to Vermont through the Small Business Administration's State Trade Expansion Program, a Federal-State partnership initiative to increase the number of small businesses exporting and the value of exports by the small business sector. The state of Vermont is providing $102,140 for a total of $408,560 in state exporting funds.
“The SBA has provided Vermont a grant each year because the state continues to show it is building a sustainable network for small businesses to gain access to international trade,” said Darcy Carter, SBA Vermont District Director.
Lisa Henderson, Vermont Manufacturing Extension Center Director of Client Services, speaks with Owen Rachampbell, Darn Tough Vermont, during Manufactured in Vermont at the Champlain Valley Exposition September 27. Darn Tough Vermont completed VMEC’s ExporTech in 2017, a program funded by the Small Business Administration's State Trade Expansion Program. (photo by Danny Monahan)
It is the second year in a row the state is receiving a STEP grant exceeding $300,000. The state’s previous grant was $325,600.
The Department of Economic Development, a division of the Vermont Agency of Commerce and Community Development oversees and manages the STEP grant.
“We are proud and grateful SBA has approved Vermont’s request for funds. International Trade is vitally important for our small businesses in the state and these funds help them develop and execute on their exporting plans. Now, more than ever, ACCD/DED needs to assist businesses in the state problem-solve international trade issues because they have increased in complexity and impacts,” said Joan Goldstein, Commissioner of Department of Economic Development.
STEP primarily funds compliance, export training and foreign trade missions.
One of the training initiatives is ExporTech, a 12-week program hosted by the Vermont Manufacturing Extension Center to assist small businesses in developing a peer-reviewed export growth plan.
“The STEP grant has been very effective supporting Vermont companies to attend ExporTech for the last several years. In addition, the grant funds have provided individual companies in the state with much needed resources in marketing, translation, website development, trade show support as well as many other specific needs,” said Lisa Henderson, VMEC Director of Client Services.
Thirty-one Vermont companies have participated in ExporTech since 2014, including Vermont Precision Tools in Swanton, Vermont Teddy Bear in Shelburne, Darn Tough Vermont in Northfield, Caledonia Spirits in Hardwick and Mamava in Burlington.
“ExporTech helped us define an export strategy and prioritize markets based on what makes sense for our business in the short and long term,” said Christine Dodson, Mamava co-owner and co-founder. Mamava makes free-standing lactation suites for nursing mothers.
After completing ExporTech in 2016, Caledonia Spirits received STEP grant funds to attend three foreign trade shows. The distillery participated in the Toronto Trade Mission, Japan Trade Mission and London Spirits Show.
Individual State project award amounts vary based on proposed project plans and budgets. The SBA awarded $18 million worth of STEP grants to 47 states in 2018.
Since STEP’s creation in 2010, the SBA has provided Vermont with more than $1.7 million in STEP grants and supported more than $27 million in exporting loans to Vermont small businesses.
Goods exported from Vermont topped $2.8 billion in 2017, according to the International Trade Administration’s 2018 Vermont Exports, Jobs, & Foreign Investment report. The ITA report also states more than 11,700 U.S. jobs are supported by goods exported from Vermont and 97 percent of these jobs are in manufacturing.
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