Application window for new grants is now open
Vermont Business Magazine Vermont small business owners and entrepreneurs have access to a new round of funding to expand their international reach. The Vermont Department of Economic Development (DED) has been awarded a $249,000 grant from the U.S. Small Business Administration’s State Trade Expansion Program (STEP), and the new award period is underway.
STEP funding provides financial assistance to small businesses, helping them overcome challenges in entering and expanding into global markets. These grants can cover costs associated with trade missions, website optimization, international marketing, and participation in trade shows. Eligible businesses may be reimbursed for up to 75% of approved expenses.
“We're very happy to receive another year of funding from the SBA and the State Trade Expansion Program. STEP is a valuable resource for our local businesses, empowering them to expand and continue their international growth,” said DED Commissioner Joan Goldstein.
Since 2018, STEP has awarded more than $1.1 million to 264 Vermont businesses, resulting in a return on investment exceeding $24.4 million in sales. 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.
Businesses interested in applying should contact STEP Program Manager Daegan Goodman at [email protected] for guidance on eligibility and available services. Additional information is available at accd.vermont.gov/STEP.
About the Department of Economic Development
The Department of Economic Development works to improve the economic well-being and quality of life of Vermonters, while preserving our natural resources and community values. Business support staff make connections to programs focused on employee training and workforce development, market expansion, facilities location, and environmental remediation to help businesses start or expand in Vermont and strengthen our rural economies.
About the State Trade Expansion Program (STEP)
The State Trade Expansion Program (STEP) is funded in part through a grant from the U.S. Small Business Administration (SBA) and is administered by the Vermont Agency of Commerce and Community Development, Department of Economic Development. It provides funding assistance to eligible Vermont businesses to support entry into foreign markets or expand international export activity through trade shows, trade missions, market research, and export education. For more information on STEP, visit accd.vermont.gov/STEP.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
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