Vermont Business Magazine The Vermont Department of Economic Development is receiving a $249,000 grant for its 2024 fiscal year to assist small businesses throughout the state export goods and services.
The grant is part of the Small Business Administration’s State Trade Expansion Program, which supports small businesses to compete globally by offsetting costs incurred by export related activities, including participating in foreign trade missions, designing international marketing campaigns, participating in export trade show exhibits, attending training workshops and other important means of engagement.
The Vermont International Trade Division, a department of ACCD, oversees and manages Vermont’s STEP grant. The International Trade Division supports Vermont businesses succeed in international markets by providing access to educational seminars, technical assistance and one-on-one consulting services.
“The agency and I are thankful to receive another round of funding from the SBA. STEP is invaluable for the Vermont companies we work with, helping them engage in opportunities they may not otherwise be able to and grow their international presence,” said Daegan Goodman, ACCD State Trade Expansion Program Manager.
Since its creation in 2010 as part of The Small Business Jobs Act, the STEP program has awarded $235.5 million in grants and directly supported more than 13,000 small businesses' international expansion and export growth. Vermont has received an award in each round of funding, totaling more than $2.75 million. Individual state award amounts vary based on proposed project plans and budgets.
“With nearly 95 percent of the world’s consumers and two-thirds of all purchasing power located outside of the United States, it is critical that we give small businesses the tools and support they need to access this market,” said SBA Regional Administrator Marlene Cintron. “Thanks to this federal funding, Vermont is able to support new and existing small business exporters, increase sales and expand markets through STEP.”
According to a report commissioned by the Eastern Trade Council, a regional consortium of northeast state trade directors, Vermont exported more than $3.1 million in goods and services throughout the world. The state’s five largest trading partners are Canada, China, Taiwan, South Korea and Hong Kong.
The Vermont STEP grants are awarded on a rolling basis and businesses can apply now. For full details on eligibility and the application process, visit www.accd.vermont.gov/STEP.
Source: 9.7.2023. SBA Vermont
