The New Jersey Office of Export Promotion announced today that it has been awarded $900,000 in federal funds for a program that supports small-business owners looking to export goods.
“New Jersey’s diverse small business community is the foundation of the Garden State’s economy,” said New Jersey Secretary of State, Tahesha Way. “The SBA award will help those small businesses reach markets around the world and in turn contribute to their growth in communities across the state.”
Way also announced that the State Trade Expansion Program (STEP) funds awarded to N.J. from the U.S. Small Business Administration were the largest in the program’s history. The grants have previously assisted hundreds of businesses, leading to millions of dollars in export sales around the world.
Today, trade represents nearly 58% of the world’s $80 trillion economy, and 95% of the world’s consumers are located outside the United States. Exporting is an important way for U.S. small businesses to grow revenue and boost local economies. STEP is designed to assist states with increasing the number of small businesses that export and the value of those exports.
“The SBA award, the largest the state has ever received, will help New Jersey’s small businesses take part in trade shows and other events that may have been cost prohibitive,” said New Jersey Business Action Center Executive Director Melanie Willoughby.
Consistent with previous years, 100 percent of the NJ STEP program funds will be awarded to eligible small businesses to help offset costs related to participation in foreign trade missions, international trade shows and exhibitions, website and collateral translations, and services provided by the U.S. Department of Commerce’s Commercial Service. Grants are awarded to eligible companies on a first-come, first-serve competitive basis over a two-year period beginning Sept. 30, 2019 to Sept. 29, 2021.
The NJ STEP is administered by the New Jersey Business Action Center’s (NJBAC) Office of Export Promotion, both housed within the New Jersey Department of State. To apply for the NJSTEP program, visit the organization’s website at https://www.nj.gov/state/bac/bac-njstep.shtml.
For more information on how the New Jersey Business Action Center helps companies of all sizes save time and money by getting answers from government agencies, directing businesses to appropriate officials and contacts, and facilitating meetings and follow-ups from regulatory agencies, call 1 800 JERSEY 7 or visit https://www.state.nj.us/state/bac/bac-about.shtml.