Funds are available to help Idaho and Utah businesses boost exports
Many companies know that expanding to international markets is a great way to fuel sales and revenue growth, but they may not know that financial assistance is available to support market exploration and development activities.
Idaho and Utah companies can apply now for State Trade and Export Promotion (STEP) grants to provide financial support as they explore international markets.
Grants available for qualifying expenses
These funds can be deployed for a variety of qualifying expenses, including Zions Bank’s upcoming trade mission to Colombia and Panama Feb. 9 to Feb. 15, 2014.
The grant is a three-year trade and export pilot initiative funded in part through a cooperative agreement by the U.S. Small Business Administration (SBA).
Grants are available on a competitive basis to companies who meet the small business standards as set by the SBA.
Qualifying expenses covered by the grant include:
- International travel costs for approved business activity
- Trade mission
- International trade show or event
- International sales mission
- Company-specific international projects
- Creation or translation of marketing materials for an international activity
- Bringing a potential foreign buyer or partner to Idaho for a site visit (Idaho only)
- U.S. Commercial Service products such as Gold Key
According to the Utah Governor’s Office of Economic Development, roughly 90 percent of Utah companies qualify for STEP grants.
Eligibility criteria require that businesses:
- Meet the federal definition of a small business
- Have been operating profitably for the past year
- Have a product for export
- Have a strategic plan for exporting
- Be new to export or are entering a new export market
In Idaho, the grants are administered through the Department of Commerce. The deadline for businesses in Idaho to apply for STEP grants is Jan. 10, 2014.
In Utah, the grants are administered through the Governor’s Office of Economic Development. Businesses must submit applications at least four weeks prior to their proposed travel date.
For more information on the STEP grants, please contact:
STEP Program Manager
STEP Program Manager