SBA Program Grant to Provide Financing for Utah Businesses
Salt Lake City – Thanks to a generous contribution from the United States Small Business Administration (SBA), the State of Utah will provide $1 million in grants to Utah businesses in the coming year . This funding will provide businesses with the resources they need to succeed in export-related activities. The World Trade Center Utah (WTC Utah) administers the SBAs State Trading Expansion Program (STEP) Grant in partnership with the Governor’s Office of Economic Opportunity (Go Utah).
Each year, WTC Utah applies for this funding on behalf of the state through a nationally competitive application process; and over the past four years, the SBA has more than tripled Utah’s SBA STEP grant. Combined with the state’s national trade promotion program, the grant has been a game-changer for small businesses in Utah who want to pursue international sales and opportunities. The grant has provided hundreds of Utah small businesses with financial support and business services to compete and win in global markets.
Small businesses can apply to receive SBA STEP grant support to offset a wide range of costs associated with pursuing international sales (e.g., design of international marketing materials; use of services provided by the U.S. Department of Commerce; website optimization, localization, and translation travel expenses for sales trips to foreign markets; and participation in international trade missions, trade shows and export training programs, etc.).
“Through the SBA STEP grant, small businesses in Utah have the opportunity to expand their business into a global market,” says Marla Trollan, SBA Utah District Director. “Without these funds and the support of the World Trade Center Utah, many companies would not feel comfortable embarking on international sales. With this support, companies feel empowered to tackle what normally seems like an insurmountable task. The SBA STEP Grant initiative not only helps Utah businesses, but also international efforts and the state’s economy as a whole.
In July, Cache Valley’s Power supply systems (EP Systems) used the SBA STEP grant to help cover travel expenses and exhibit at the Utah booth at Farnborough International Airshow in London. A leading provider of scalable high-powered powertrains, EP Systems has formalized partnerships with Tokyo-based SkyDrive, a developer of flying cars and cargo drones; and Supernal, the urban air mobility division of Hyundai Motor Group, at the airshow.
“We are thrilled that our innovative technology will enable aerial vehicles to fly halfway around the world,” said Abbie Bean, marketing communications manager at EP Systems. “The SBA STEP grant not only provided us with funding that helped cover travel costs and booth space at the Farnborough Airshow, but our experience was enhanced by being part of the Utah delegation. We have benefited from the success and experiences of our group while forging international relationships. »
Given that 95% of global consumers and two-thirds of all purchasing power are located outside of the United States, this subsidy program plays a critical role in access to capital, market access and l access to buyers. Last year, for every dollar of domestic funding for the SBA STEP grant, companies benefited from $42 in export sales.
This year marks the 10e year of STEP funding. Through this program, $20 million in grants have been awarded to state international trade agencies across the country for the coming year.
“We love seeing these types of grants in our state that really help our small businesses succeed. Utah thrives on its small businesses, and this is a great opportunity for them,” says Dan Hemmert, Executive Director of Go Utah. “We invite all who are eligible to apply. We would also like to thank the SBA for making this grant possible.
“Utah’s small businesses are excellent at generating new international sales through these grants. We’ve given awards for helping with US Commercial Service consulting services and other international consultants, international business travel and trade show visits, and many other activities,” says David Carlebach, COO at WTC Utah, “We are very keen to find small businesses across the state, especially in diverse and rural communities, who can benefit from this funding.
WTC Utah SBA STEP Grant applications are open and Utah businesses are encouraged to apply. wtcutah.com/sba-step-grant. If you have any questions about eligibility or accepted activities, please contact Jacob Johnson of WTC Utah at [email protected].