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SBA Awards Kentucky $300,000 to Expand Small Business Exporting

Release Date: 
Wednesday, October 9, 2019
Release Number: 
20-1009KY
Contact: 
michael.ashcraft@sba.gov

Frankfort The U.S. Small Business Administration announced that $300,000 has been awarded  to the Kentucky Cabinet for Economic Development, which successfully competed for funding to support export growth among small businesses through SBA’s competitive State Trade Expansion Program (STEP). 

“SBA is proud to partner with the STEP grant winners and provide much-needed resources that help small businesses increase their sales by exporting,” said Acting Administrator Chris Pilkerton. “The SBA’s STEP partners not only help entrepreneurs increase and diversify their customer base, but also help to create and retain local jobs.”

 Today, trade represents nearly 58% of the world’s $80 trillion economy, and 95% of the world’s consumers are located outside the United States.  Exporting is an important way for U.S. small businesses to grow revenue and boost local economies. STEP is designed to assist states with increasing the number of small businesses that export and the value of those exports.

The 2019 STEP award will help Kentucky assist its small businesses with the information and tools they need to succeed in export-related activities. Expanding the base of small business exporters and improving the process to explore new trade opportunities is a key component of SBA’s small business strategy. Kentucky has been awarded more than $2.4 million by the SBA’s Office of International Trade to promote exporting activities for Kentucky’s small businesses.

 Since 2011, the KCED and the Kentucky Export Initiative have provided financial assistance to nearly 200 Kentucky companies through STEP. The program provides grants to fund export opportunities and increase the footprint of small businesses in countries all over the world.  For details, go to http://kyexports.com/STEP-grants.aspx.

Individual STEP awards are managed at the local level by state government organizations. The U.S. Small Business Administration’s Office of International Trade administers the STEP awards at the national level.