FRANKFORT, Ky. (Sept. 26, 2023) – The U.S. Small Business Association has awarded Kentucky $400,000 in State Trade Expansion Program (STEP) funds to help more companies export.
The grant program, which is marking its 11th anniversary of funding small-business growth, provides companies with the information and tools needed to successfully sell their products and services worldwide.
Governor Beshear says the vast majority of exporters in Kentucky are the kinds of small and medium-sized businesses that drive our economy. Hundreds of them have started exporting with assistance from Kentucky STEP, which has allowed them to prosper and provide quality jobs across the state.
Eligible Kentucky businesses may receive up to $10,000 in reimbursement grant funding for year 11 of the STEP program.
A wide range of activities are supported by STEP, including training and workshops for export readiness, website development, trade missions, foreign market sales trips, design of international marketing media, exhibiting at trade shows with international audiences, and much more. Since its inception in 2011, Kentucky STEP has awarded $3.1 million to more than 235 businesses across the state. With 95% of the world’s consumers and two-thirds of all purchasing power located outside the United States, this grant program plays a critical role in providing access to capital, markets and buyers.
Since the program’s start, the commonwealth has established itself as a major player on the global stage. In 2022, Kentucky companies exported $34.5 billion in manufactured products, an uptick of 15.7% over 2021. The latest data shows Kentucky exported $7.8 billion of services in 2021.
For more information, or to apply for STEP funding, visit kyexports.com.
