SBA Awards Connecticut $200K Export Grants
Connecticut is getting a new round of export grants from the U.S. Small Business Administration.
The SBA awarded $200,000 to the Department of Economic and Community Development as part of the SBA’s State Trade Expansion Program.
The grant is part of $20 million in grants distributed to trade agencies in states across the country.
“For over ten years, the SBA’s State Trade Expansion Program has been an important federal and state partnership to get funding directly to small businesses seeking to grow their businesses and our economy with international trade opportunities,” said SBA administrator Isabella Casillas Guzman.
“And with these funds, small businesses can get trade-ready, attend trade shows in foreign markets, and grow through global e-commerce.”
STEP awards are intended to help small businesses compete in the global marketplace.
They are given to offset costs related to export activities.
Eligible activities include foreign trade missions, participating in export trade shows, designing international marketing campaigns, and attending training workshops.
Connecticut’s commodity exports are an important part of the state’s economic picture, accounting for 4.8% of the state’s GDP last year.
While exports increased 5.47% in 2022 to $15.3 billion, shipments were about $700 million below pre-pandemic levels.
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