World Trade Center Utah has been awarded $390,000 in funds to provide grants to local companies.
The funding comes through the State Trade Expansion Program (STEP), administered by the U.S. Small Business Administration. The grants are designed to boost the number of small businesses that are exporting and help existing exporting companies grow. WTC Utah is accepting grant applications until Oct. 31.
“When we invest in small businesses, we are investing in the future of our economy,” said Derek B. Miller, president and chief executive officer of WTC Utah. “The STEP grant accelerates the development of these companies by opening up doors to global business opportunities. World Trade Center Utah is honored to be the steward of such an important grant.”
{mprestriction ids="1,3"}Utah businesses that meet the eligibility requirements can receive up to $15,000 in funding for their international activities. A 25 percent cash match by the grant recipient is required. The grants can be applied to export-related activities, including participation in foreign trade missions, foreign market sales trips and services provided by the U.S. Department of Commerce. Among other activities that qualify are designing international marketing campaigns, export trade show exhibits and training workshops.
“The Small Business Administration is pleased to be able to provide funding that helps businesses grow globally,” said Steve Price, acting district director of the Utah Small Business Administration. “An estimated 85 percent of Utah’s exporting companies are small to medium-sized enterprises. These companies are prime candidates to benefit from the STEP grant.”
Companies interested in grant funding for any activities over the next year can apply by Oct. 31 at www.utcutah.com/step. That website includes details about the STEP grants, including eligibility requirements, approved activities and how to apply.
Grant funds may be used to attend one of the three trade missions and four trade shows that WTC Utah and the Governor’s Office of Economic Development (GOED) are planning during the grant year. The trade missions are to Mexico in April, London in July (in connection with the Farnborough International Airshow) and Taiwan in September. The trade shows are Arab Health in Dubai, Jan. 9-Feb. 1; JEC Composites in Paris, March 6-8; Farnborough International Airshow in the United Kingdom, July 16-22; and Outdoor Friedrichshafen in Germany, June 17-20.
A list of other eligible international trade shows is available at www.utcutah.com/step.
This is the first year for WTC Utah to manage the grants through a contract with GOED. The STEP program is in its sixth year. The U.S. Small Business Administration awarded $18 million in grant funds to 44 states for fiscal year 2017.{/mprestriction}
