State receives $754,700 SBA grant to help small businesses boost exports

Empire State Development, the state government’s economic development arm, has received a $754,700 grant from the U.S. Small Business Administration.

The money comes from the SBA’s State Trade Expansion Program (STEP) and is intended to support the growth of New York’s small business exports to foreign markets worldwide. Global NY, Empire State Development’s international division, said it would combine the federal grant with state dollars to invest more than $1.16 million in small businesses statewide through September 2018.

The STEP program, according to the state’s announcement, helps small business in New York participate in foreign trade missions and shows, take foreign market sales trips, translate website and marketing material and locate international trade workshops.

The state will award the STEP funding to small businesses on a first-come, first-serve basis. State officials said in the announcement that special consideration would be given to companies that are certified minority and women-owned businesses, as well as to businesses that are classified among New York’s manufacturing strategic industries. The strategic industries include aerospace, agriculture, beverages and processed foods, biotech and life sciences, clean tech and renewable energy.

The Global NY Fund also disburses $2 million in annual loans and grants to help small businesses in New York export their products. That includes:

• Loans of up to $500,000  for companies to buy equipment and inventory needed to deliver on export-related contracts and provide working capital to support foreign accounts receivable.
• Interest-free loans of up to $50,000 are available for small business in the distilled and fermented beverage industry.
• Grants of up to $25,000 to help companies start exporting or increase their global exports.
• Grants up to $50,000 for nonprofits that provide export assistance and trade education to New York companies.