New federal funding is now available for Kentucky-based companies to help them build their global presence.
Through the State Trade Expansion Program (STEP), funded by the U.S. Small Business Administration (SBA), Kentucky has $400,000 in funding to help more companies increase their presence in global markets.
Accessing International Markets
The funding follows a record-breaking year for exports in Kentucky.
In 2023 the commonwealth broke its single-year total with $40.2 billion in exports, a 16.6% increase over the previous year.
“This grant program has helped hundreds of Kentucky businesses become exporters, boosting economic development and momentum across our state,” said Governor Andy Beshear. “We know that small and medium-size businesses are crucial to the success of our economy and workforce. Gaining the resources to empower even more of our great companies to access international markets is a huge win for Kentucky businesses, as well as the families and communities they support.”
A wide range of activities are supported by STEP, including:
- Training and workshops for exporting
- U.S. Department of Commerce user service
- Website translations
- E-commerce platforms
- Trade missions
- Foreign market sales trips
- Design of international marketing media
- Exhibiting at trade shows with international audiences
- Compliance testing
- Export credit insurance premiums
Since its inception in 2011, Kentucky STEP has awarded $3.4 million to more than 260 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.
How To Apply
Eligible Kentucky businesses may receive up to $15,000 in reimbursement grant funding.
Anyone interested in applying for funding is encouraged to visit kyexports.com for the application and other valuable sources of information for exporters.
“Once again, the hard work of Kentucky’s businesses to get their products and services into the hands of international buyers has paid off resulting in a record-breaking year of exports. Our federal partners at the SBA recognize Kentucky STEP funds are being maximized, awarding the commonwealth a third consecutive round of grant funding of $400,000 to administer to eligible small businesses,” said Mary NeCamp, Director of STEP at the Kentucky Cabinet for Economic Development. “Kentucky’s STEP grant program uniquely ‘meets businesses where they’re at’ offering a wide array of allowable activity options to fit their plans on their timelines, fully reimbursing them for things they want and need to push forward into new markets. Many are surprised at the definition of ‘small business.’ The Small Business Measuring Tool allows for several hundred employees at most manufacturing companies and millions of dollars in average revenue for service companies. We encourage interested companies to not rule out the possibility of participating based on size until you check it out. If you need assistance figuring out if your business qualifies, please don’t hesitate to ask.”
As of 2023, Kentucky was home to more than 363,000 small businesses that employ 706,640 people.
That represents approximately 99.3% of all companies in the state.
Small businesses have made significant contributions to Kentucky’s record economic success, and STEP has taken that momentum to new heights.
For more information, visit sba.gov/funding-programs.
For more from Kentucky Business, visit kybusinessnews.com.
