~ Initiative provides matching funds to help small businesses in international marketplace ~
Carson City, NV — The Nevada Governor’s Office of Economic Development (GOED) International Trade Division received a $250,000 State Trade Expansion Program (STEP) grant – its largest ever.
“The STEP grant is a valuable resource that aids in the success of operations for small companies beginning to venture into new markets around the world or grow their global presence,” Governor Steve Sisolak said. “STEP has yielded great success within its decade of operation, and I am excited to see how the grant can assist our Nevada companies and families in the future.”
STEP is a federal trade and export initiative that makes matching-fund awards for states to assist their small businesses with entering and succeeding in the international marketplace. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration (SBA), STEP is a fundamental resource for Nevada small businesses looking to grow exports and their international presence.
Due to GOED’s success in assisting Nevada businesses utilizing STEP, the SBA has awarded Nevada its largest award to date for STEP 9 Year 2, bringing the total funding to GOED since 2011 to almost $2 million.
Nevada STEP clients have had more than $34.9 million in export sales since 2011. GOED’s International Division estimates that Nevada small businesses who participated in the program brought an average $29.60 return on investment for every dollar received from the SBA STEP Grant.
“Nevada companies and a variety of industries will benefit through the funds to reach into new markets in Europe, Asia, Middle East, and South America,” said Pawel Pietrasienski, GOED Director of International Trade. “To date, 74 of the 142 companies that have benefited from STEP have been Minority-owned, Women-owned, Veteran-owned, or classify as other disadvantaged businesses.”
The best results in GOED export assistance endeavors have been achieved during COVID-19. GOED’s International Trade Division used its STEP Grant to help Nevada companies during the past year and is again the first state in the nation to close out the STEP 9 Year 1 award grant with 100 percent utilization over a one-year period.
More than 95 percent of the world’s consumers and more than 80 percent of the world’s purchasing power are located outside America’s borders. Customers in 194 countries and territories buy Nevada-made goods and services. Nevada’s Plan for Recovery and Resiliency underlines how exports of “Made in Nevada” products and services help drive our global competitiveness and fuel the Silver State’s economy by creating higher paid jobs for Nevadans.
For more information about the STEP Grant: https://goed.nv.gov/programs-incentives/international-trade/step-grant/.
About the Governor’s Office of Economic Development
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and the Governor’s Office to restructure economic development in the state. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development.
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