Small businesses and exports get boost through federal grant
Missouri’s small businesses and state exports have received a major boost, as Gov. Jay Nixon announced that the state has received a federal grant of $977,741 designed to increase both the number of small businesses which export, and the overall volume of state exports. The Small Business Administration’s (SBA) award also will make it possible for the state of Missouri to open new international trade offices in China, southern Asia and South America.
“The past two years have been record-setting for Missouri’s exports, and this new funding will help us take the sale and marketing of our state’s products to global customers to the next level,” Gov. Nixon said. “Our strong core of Missouri small businesses has products that are in demand across the world. This funding will help us increase those businesses that export, increase our record-breaking number of exports as a state and increase our state’s presence in three expanding global markets in China, southern Asia and South America. Each of these measures will be instrumental in creating more Missouri jobs and moving our economy forward.”
Missouri’s exports set a record during 2010 with an increase of 35 percent over the previous year. Through the first two quarters in 2011, state exports are up another 13 percent, nearly $1 billion, over the 2010 total.
The SBA grant will fund a program entitled the Missouri State Trade and Export Promotion equals Unlimited Possibilities (MO STEP-UP), which will serve new-to-market exporters and new-to-export small businesses. The MO STEP-UP plan will be designed to provide assistance to a minimum of 300 new-to-market companies and 50 new-to-export companies.
New-to-market Missouri exporters may apply for funding to offset the costs of taking part in activities designed to increase export sales. Those activities include foreign trade missions and market sales trips; subscriptions to services provided by the U.S. Department of Commerce; payment of website foreign language translation fees; design of international marketing media; trade show exhibitions; participation in export and trade finance training workshops; and other export promotion initiatives.
Additionally, Missouri’s new-to-market exporters may take part in other promotional programs under MO STEP-UP, including the Missouri Wine Branding Campaign in China; Biosciences Project in Israel; Health Science Services and Equipment Project in Saudi Arabia; and the Feed, Food and Forestry Project in Vietnam.
New-to-export small businesses may take part in activities designed to increase their knowledge of the export process and further prepare them for doing business internationally. Those activities include the MO STEP-UP Export Training Program; payment of website foreign language translation fees; design of international marketing media; participation in export and trade finance training workshops; and other export promotion initiatives.
For more information on the MO STEP-UP program, please contact the Missouri Department of Economic Development, which administrates the program, at (573)751-4962.
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