Congratulations goes out to the Maine International Trade Center for earning the State Trade Expansion Program (STEP) award sponsored by the Small Business Administration (SBA). The $145,00 grant will support small business exports through “participation in foreign trade missions, foreign market sales trips, subscription services for access to international markets, as well as the design of international marketing campaigns, export trade show exhibits, export training workshops and more.”
Wade Merritt, vice president and STEP project director at MITC, said the renewed award has been able to support 97 company projects in overseas markets over the past four years. The support resulted in nearly $7 million in new exports, representing a 26-to-1 return on SBA’s investment of just over $250,000, according to Merritt.
In conjunction with the government’s push towards STEM and international trade, the STEP award is aiding businesses expand their businesses overseas. This is key as markets outside of the US make up 66% of the world’s purchasing power.