Kentucky awarded $400,000 in State Trade Expansion Program funding

Kentucky was awarded $400,000 in State Trade Expansion Program funding.
Kentucky was awarded $400,000 in State Trade Expansion Program funding.(WKYT)
Published: Sep. 21, 2022 at 11:12 AM CDT
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FRANKFORT, Ky. (KFVS) - Governor Andy Beshear announced on Wednesday, September 21 the continued support of small-business growth statewide.

The U.S. Small Business Association awarded the commonwealth $400,000 in State Trade Expansion Program funds to help more companies export.

The grant program, which is marking its 10th anniversary of funding small business growth, provides companies with the information and tools needed to successfully sell their products and services worldwide.

“The STEP program has helped hundreds of Kentucky companies become exporters, which has boosted economic development across our state,” Gov. Beshear said. “We recognize that small and medium-size businesses are essential to the success of Kentucky’s economy.”

“According to Kentucky government officials, gaining the resources to empower even more of our great companies to access international markets is a big win for Kentucky businesses, as well as the families and communities they support,” he continued.

Eligible Kentucky businesses may receive up to $10,000 in grant funding for year 10 of the STEP program.

Companies can begin the application process now by visiting kyexports.com.

Exporting activities supported by STEP funding include valuable training and workshops for export readiness, participation in trade missions with international audiences, foreign market sales trips, design of international marketing media and exhibiting at trade shows with international audiences, as well as other meaningful engagement outside the United States.

Since inception in 2011, Kentucky STEP has awarded over $2.7 million to more than 230 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, access to markets and access to buyers.

In Kentucky, STEP has served as a leading example of how a state can partner with companies to expand and enter new markets.

In 2021, Kentucky companies bounced back strong in response to the pandemic by exporting more than $29.5 billion in products worldwide.

For more information, or to apply for STEP funding, visit kyexports.com/step-grant.

Email completed applications to STEP Program Manager Mary NeCamp at mnecamp@ky.gov.

Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.