SBA grant program to provide financial assistance to Utah companies

SALT LAKE CITY – Thanks to a generous donation from the U.S. Small Business Administration (SBA), the state of Utah will award $1 million in grant funding to Utah companies next year. This funding provides businesses with the resources they need to succeed in their export-related activities. World Trade Center Utah (WTC Utah) administers an SBA State Trade Expansion Program (STEP) grant in partnership with the Governor’s Office of Economic Opportunity (Go Utah).

Each year, WTC Utah applies for this funding on behalf of the state through a nationally competitive application process; And in the past four years, SBA has more than tripled Utah’s SBA Action Grant. Combined with the state’s nation-leading business promotion program, the grant has been a game changer for Utah small businesses looking to pursue international sales and opportunities. The grant has provided funding and business services to hundreds of Utah small businesses to compete and win in global markets.

Small businesses can apply for SBA STEP grant assistance to offset many of the costs associated with pursuing international sales (e.g., designing international marketing media, using services provided by the US Department of Commerce, website optimization, localization and translation, travel expenses for overseas sales trips). , and participation in international trade missions, trade fair exhibitions and export training programs etc.).

“Through the SBA STEP Grant, Utah’s small businesses have the opportunity to expand their business into international markets,” said Marla Trolan, SBA Utah District Director. “Without these funds and the support of World Trade Center Utah, many businesses would not feel comfortable moving into international sales. With this support, businesses feel better able to tackle the seemingly insurmountable task. The SBA STEP Grant initiative not only helps Utah businesses, but also the state’s global efforts and economy.

In July, Cache Valley’s Electric Power Systems (EP Systems) used an SBA STEP grant to cover travel expenses and exhibit at the Farnborough International Air Show in London. A leading supplier of high-power, scalable power plants, EP Systems has formalized partnerships with Tokyo-based SkyDrive, developer of flying cars and cargo drones. and Supernal, the urban air mobility division of Hyundai Motor Group, while at the Airshow.

“We are thrilled that our innovative technology will enable aerial vehicles to fly halfway around the world,” said Abby Bean, EP Systems Marketing Communications Manager. “Not only did the SBA STEP grant help cover travel expenses and booth space at the Farnborough Air Show, but our experience as part of the Utah delegation was enhanced. We continue to benefit from our team’s success while making international connections.”

With 95 percent of the world’s consumers and two-thirds of its purchasing power located outside the United States, this aid program plays a critical role in providing capital, market access, and access to buyers. Last year, for every $1 in national funding awarded to the SBA STEP Grant, businesses benefited from $42 in export sales.

This year it celebrates its 10th anniversary.^Th Year of STEP funding. Through this program, $20 million in grant funds have been provided to government international trade agencies across the country for the next year.

“We love to see these types of grants in our state, which help our small businesses succeed. Utah thrives on its small businesses, and this is a great opportunity for them,” said Go Utah Executive Director Dan Hemmert. We would like to thank the SBA for making this grant possible.

“Utah’s small businesses have excelled in generating new international sales using these grant funds. We have received awards from the U.S. Trade Service and other international consultants, international business travel and trade show visits, and many other activities to assist with consulting services,” said David Carlebach, COO at WTC Utah. Businesses, especially in diverse and rural communities.

Applications for the WTC Utah SBA STEP Grant are open and Utah businesses are encouraged to apply at wtcutah.com/sba-step-grant. If you have any questions about eligibility or acceptable activities, please contact WTC Utah’s Jacob Johnson at [email protected].