State gets $500,000 to promote global trade
Massachusetts will receive $500,000 from the Small Business Administration (SBA) to boost export opportunities, the federal agency announced Monday.
The award is one of 40 grants being awarding from the SBA’s State Trade and Export Promotion (STEP) program. The $17.4 million allocated across the country is aimed at helping small businesses compete globally, the SBA said.
SBA Administrator Maria Contreras-Sweet said in a statement: “Exports are a central part of America's economic growth; with export-supported jobs paying 15 to 18 percent more. Yet less than one percent of small businesses export; and of those that do, 58 percent of them export to only one country. Unlocking trade opportunities for small businesses is key to continued growth and expansion.”
The Massachusetts Office of International Trade and Investment will use the funding to work with businesses with the potential to export, according to Norman Eng, economic development specialist with the SBA in Boston.
The SBA statement said the 2015 awards will help states aid small businesses with export-related activities or other export initiatives that are in line with the objectives of the STEP program. Such activities include participation in foreign trade missions, foreign market sales trips and design of foreign marketing campaigns.
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