The U.S. Small Business Administration has awarded the New Mexico Economic Development Department another grant award to boost international trade for New Mexico businesses, Deputy Secretary Jon Clark announced today.
Companies who are registered with the state, offer goods or services that have at least 51% U.S. content, have been in operation for at least a year, and have 500 or fewer employees may apply. Grants are offered up to $7,500 per company. For more information about the STEP program and to apply, visit the New Mexico Trade Alliance.
The source of the grant is the SBA’s State Trade Expansion Program STEP 11 Grant. STEP grants are provided on a reimbursable basis for allowable activities. Funding levels are specific to the service or activity:
- International trade show or mission: $7500
- Global website optimization: $7500
- International business matchmaking: $5000
- International market research: $5,000
- Foreign product registration: $6,000
Pajarito Powder has used STEP resources with great success, including extensive use of trade show exhibition support in Europe and Asia, with more than 70% of the company’s revenues coming from those regions. The company also implemented language globalization on their website, which is now actively translated into four languages.
STEP resources provided two unique pathways for Humble Brands to enhance sales through international trade programs:
- Once Humble Brands’ products were registered and approved for sale in Canada, the company signed a larger distribution partnership and multiple large chain retail accounts.
- Exposure of Humble Brands’ products at the Natural Products Expo West provided the opportunity to network with international buyers and decision makers from key strategic territories resulting in increased orders.
“International trade is one of nine target industry sectors identified by Gov. Michelle Lujan Grisham to grow and diversify the state’s economy. STEP grants provide an opportunity to accomplish that, one business at a time, while also increasing global awareness of New Mexico as a great location for business,” said EDD Deputy Secretary Clark, who just returned from a trade mission to Bucharest, Romania last month with four New Mexico businesses aiming to boost their global sales.
EDD’s mission is to improve the lives of New Mexico families by increasing economic opportunities and providing a place for businesses to thrive. EDD’s programs contribute directly to this mission by training our workforce, providing infrastructure that supports business growth, and helping every community create a thriving economy. For more information about the New Mexico Economic Development Department visit EDD.NewMexico.gov.