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The U.S. Small Business Administration announced Louisiana will receive $450,000 in 2023 grant funding for SBA’s State Trade Expansion Program (STEP).
The award, which requires $150,000 in non-federal matching funds from LED, will be used to help Louisiana small businesses expand globally by reimbursing them for eligible export-related expenses.
“STEP is a valuable resource for small businesses seeking to enter the international marketplace and put their Louisiana-made products on the world stage,” LED Secretary Don Pierson said. “Since 2016, Louisiana has been awarded $2.4 million in support of small businesses actively enhancing their export readiness and creating new export sales. We look forward to seeing the business growth sparked by this new award, and I encourage all entrepreneurs to take advantage.”
The program will offer a 90 percent reimbursement on eligible expenses with a maximum benefit of $10,000 per company. Eligible exporting activities include participating in foreign trade missions and trade show exhibits, making market sales trips, designing international marketing campaigns, attending training workshops, EXIM Bank export credit insurance fees, internationally focused website development and other approved activities.
This year marks the 11th year the Small Business Administration has provided STEP funding to states, resulting in over $235 million of direct support for small businesses pursuing access to markets and buyers outside the United States.
Learn more about STEP and how to apply here.