Small business exporting in the state is looking to expand, and it’s getting federal funding to do so.
The New Jersey Office of Export Promotion was awarded $900,000 in federal funding Thursday from the U.S. Small Business Administration through the State Trade Expansion Program.
The program supports small business owners looking to export goods and the $900,000 award, announced by New Jersey Secretary of State Tahesha Way, is the largest in the program’s history.
The NJSTEP program has been awarding funding for seven years now and, according to the program, has assisted hundreds of businesses and lead to millions of dollars in export sales.
“New Jersey’s diverse small business community is the foundation of the Garden State’s economy,” Way said. “The SBA award will help those small businesses reach markets around the world and, in turn, contribute to their growth in communities across the state.”
To help offset costs related to participation in foreign trade missions, international trade shows and exhibitions, website and collateral translations, and services provided by the U.S. Department of Commerce’s Commercial Service, all NJSTEP program funds will be awarded to eligible small businesses.
“The SBA award will help the state’s small businesses take part in trade shows and other events that may have been cost prohibitive,” New Jersey Business Action Center Executive Director Melanie Willoughby said.
Grants are awarded to eligible companies on a first-come, first-serve competitive basis over a two-year period beginning Sept. 30 and running through Sept. 29, 2021.
NJSTEP is administered by the New Jersey Business Action Center’s Office of Export Promotion, both housed within the New Jersey Department of State. To apply for the NJSTEP program, visit the organization’s website: www.nj.gov/state/bac/bac-njstep.shtml.