Can a smaller sized business in Richland County actually make an impact in a global market? Could that business actually sell oversees?
Ohio small businesses, including those in Richland County, have access to $457,780 in funding from the U.S. Small Business Administration’s (SBA) State Trade Expansion Program (STEP) to help them identify exporting opportunities. The STEP award will support various small business exporting activities to help make “Made in Ohio” more internationally known.
“STEP is one of SBA’s important resources for America’s small businesses and entrepreneurs to expand into international markets and a key component of our agency’s small business support strategy,” SBA Great Lakes Regional Administrator Rob Scott said. “With a majority of the world’s purchasing power outside of the United States, small businesses that export can grow revenue, contributing to a higher likelihood of them staying in business, and boost local economies.”
Today, trade represents nearly 58% of the world’s $80 trillion economy and 95% of the world’s consumers are outside the United States. STEP is designed to assist Ohio with increasing the number of small businesses that export and the value of those exports. Since the program began in 2011, the state has received approximately $6.1 million in STEP funding. In total, approximately $157 million in grants have been awarded to fund export opportunities and increase the footprint of small businesses in countries all over the world.
The Ohio Development Services Agency uses the STEP funding to administer its International Market Access Grant for Exporters, or IMAGE. The 2019 STEP awards will allow the state of Ohio to assist small businesses with the information and tools they need to succeed in export-related activities in line with the program objectives. These objectives include participation in foreign trade missions, foreign market sales trips, services provided by the U.S. Department of Commerce, as well as design of international marketing campaigns, export trade show exhibits, training workshops and more.
The Development Services Agency is now accepting applications for IMAGE awards. To learn more and to apply, go to IMAGE.development.ohio.gov.
