The U.S. Small Business Administration announced Louisiana will receive $450,000 in 2023 grant funding for SBA’s State Trade Expansion Program (STEP).
The award, which requires $150,000 in non-federal matching funds from LED, will be used to help Louisiana small businesses expand globally by reimbursing them for eligible export-related expenses.
“STEP is a valuable resource for small businesses seeking to enter the international marketplace and put their Louisiana-made products on the world stage,” LED Secretary Don Pierson said. “Since 2016, Louisiana has been awarded $2.4 million in support of small businesses actively enhancing their export readiness and creating new export sales. We look forward to seeing the business growth sparked by this new award, and I encourage all entrepreneurs to take advantage.”
The program will offer a 90% reimbursement on eligible expenses with a maximum benefit of $10,000 per company. Eligible exporting activities include participating in foreign trade missions and trade show exhibits, making market sales trips, designing international marketing campaigns, attending training workshops, EXIM Bank export credit insurance fees, internationally focused website development and other approved activities.
This year marks the 11th year the Small Business Administration has provided STEP funding to states, resulting in over $235 million of direct support for small businesses pursuing access to markets and buyers outside the United States.
Learn more about STEP and how to apply here.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Louisiana Economic Development is responsible for strengthening the state’s business environment and creating a more vibrant economy. It is the only state agency in the U.S. accredited by the International Economic Development Council, boasting award-winning programs like LED FastStart, a longtime national leader in customized workforce development. LED also supports a wide range of higher ed partnerships that Business Facilities magazine recently credited for Louisiana’s ranking as the No. 1 Tech Talent Pipeline in the U.S. In 2022, LED attracted 53 new economic development projects representing 18,137 new direct, indirect and retained jobs and $20.7 billion in new capital investment. Explore how LED cultivates jobs and economic opportunity for the people of Louisiana and employers of all sizes at OpportunityLouisiana.com.
LED Communications Director
LED Press Secretary