The World Trade Center Utah (WTC Utah) will receive $641,000 in additional funding for the State Trade Expansion Program (STEP) Grant, a record-high STEP Grant in Utah, to accelerate the growth of international sales for Utah small businesses. WTC Utah will administer the grant by providing financial support and business services to small Utah businesses to help them compete and win in global markets.
Utah’s export growth rate has been the highest in the nation for the past two years. Eighty-five percent of Utah’s exporters are small businesses, and international sales add $5 billion across the state in additional revenue for these small business exporters. STEP Grant funding ensures that these small businesses have the tools necessary to expand and market their products and services around the world.
Nicole Sherwood, Director of Grants and Operations and STEP Project Director, says, “No other state in the country has seen its STEP Grant increase this dramatically over the past two years. This increase is a direct result of the incredible work Utah companies are doing to pursue international opportunities.”
Small businesses can apply to receive STEP Grant support to offset a wide range of costs associated with pursuing international sales, including:
- Designing of international marketing media
- Services provided by the U.S. Department of Commerce
- Website optimization, localization, and/or translation
- Travel costs for foreign market sales trips
- Participating in foreign trade missions, trade show exhibitions and export training programs
Although the pandemic has decreased international business travel, WTC Utah is experiencing an increase in demand for STEP Grants as Utah companies seek to use the relative economic strength we enjoy in Utah to take advantage of the historic disruption in global markets. Over the last few months, award recipients are using STEP Grants to translate materials, enhance their e-commerce platforms, implement global marketing strategies and to cover travel costs to countries around the world that are open to international travel.
Since 2010, STEP has awarded approximately $3.4 million in grants to fund export opportunities and increase the footprint of small businesses in countries all over the world. Exporting is an important tool for U.S. small businesses to grow revenue and boost local economies. STEP is designed to assist with increasing the number of small businesses that export and the value of those exports.
Utah businesses are encouraged to apply for the World Trade Center Utah STEP Grant at wtcutah.com. If you have any questions about eligibility or accepted activities, please contact Nicole Sherwood, WTC Utah STEP Project Director, at (801) 599-9185 or firstname.lastname@example.org.