The Washington State Department of Commerce has once again secured the top spot in receiving funding from the U.S. Small Business Administration (SBA) to assist small businesses in expanding through exporting. With a $1 million grant, Washington leads the way among 49 states in this 11th year of the program. This article explores how the Washington State Department of Commerce is utilizing this funding to support small businesses and promote international growth.
Washington State Department of Commerce Receives Largest STEP Grant
Discover how the Washington State Department of Commerce has secured the largest grant from the U.S. Small Business Administration to support small businesses in expanding through exporting.
The Washington State Department of Commerce has been awarded the largest grant from the U.S. Small Business Administration's State Trade Expansion Program (STEP). With $1 million in funding, the department aims to assist small businesses in Washington state in growing their international presence through exporting.
Through the STEP program, the Washington State Department of Commerce has already achieved significant success, with over $600 million in sales attributed to the program since its inception. This demonstrates the effectiveness of the program in helping small businesses access international markets and create new partnerships.
With this latest grant, the department plans to continue providing support to small businesses through various initiatives, including export vouchers, industry-focused trade shows and missions, inbound buyer events, and export training. These resources will enable small businesses to navigate the complexities of international trade and expand their reach in today's challenging global market.
Positive Impact of the STEP Program on Small Businesses
Explore the positive impact of the STEP program on small businesses in Washington state, including the significant return on investment and job creation.
The STEP program has had a transformative impact on small businesses in Washington state. Since its inception through the Small Business Jobs Act of 2010, over 1,516 unique small businesses have benefited from STEP-funded support.
One of the key indicators of the program's success is the impressive return on investment. Small businesses supported by the STEP program have achieved over $600 million in sales, resulting in an estimated return on investment of nearly 52:1. This highlights the effectiveness of the program in helping small businesses expand their international reach and generate significant revenue.
Furthermore, the STEP program has played a crucial role in job creation. By supporting small businesses in accessing international markets and securing new clients, the program has helped these businesses grow and create employment opportunities. This has a positive ripple effect on local communities and the overall economy.
Success Stories: Small Businesses Thriving with STEP Support
Read inspiring success stories of small businesses in Washington state that have thrived with the support of the STEP program.
The STEP program has been instrumental in the success of numerous small businesses in Washington state. One such success story is Hanjy Trading, whose Chief Financial Officer, Chelsea Hanjy, expressed gratitude for the opportunity the STEP grant provided. The grant allowed them to send a team member overseas to network with existing customers and generate new leads, ultimately leading to business growth and job creation.
These success stories highlight the tangible benefits that small businesses can achieve with the support of the STEP program. By providing resources and opportunities to connect with international markets, the program empowers small businesses to expand their operations, create jobs, and contribute to the economic growth of Washington state.
Future Initiatives: Expanding Opportunities for Small Businesses
Learn about the future initiatives planned by the Washington State Department of Commerce to further support small businesses in expanding their international presence.
The Washington State Department of Commerce is committed to continuously expanding opportunities for small businesses in the state. With the new round of funding, the department will be supporting over a dozen trade shows and missions between now and September 2024, focusing on various sectors such as medical devices, aerospace, foodtech, and more.
In addition to trade shows and missions, small businesses can also take advantage of the department's global consultants situated in key global markets. These consultants provide market access support, helping businesses navigate the complexities of international trade and establish valuable connections.
Furthermore, the department offers an export voucher program to offset the cost of conducting business internationally. This program provides financial assistance to small businesses, making it more accessible for them to explore new markets and expand their export capabilities.
Conclusion
The Washington State Department of Commerce's success in securing the largest grant from the U.S. Small Business Administration's State Trade Expansion Program (STEP) highlights its commitment to supporting small businesses in expanding through exporting. With over $600 million in sales attributed to the program since its inception, the STEP program has proven to be a valuable resource for small businesses in Washington state.
Through initiatives such as export vouchers, trade shows, and missions, the Washington State Department of Commerce continues to provide the necessary support and resources for small businesses to navigate the complexities of international trade. The program's positive impact is evident in the significant return on investment and job creation it has facilitated.
As the department looks to the future, it remains dedicated to expanding opportunities for small businesses and helping them thrive in the global market. By leveraging the funding and resources provided by the STEP program, small businesses in Washington state can continue to grow, create jobs, and contribute to the state's economic prosperity.