Funding helping local businesses expand their exports

DELMARVA – More than $860,000 is set to be awarded to small businesses across Delaware and Maryland to help expand their exports.

“So when you’re ready as a small business to really expand your market base, global is the best way to go because it allows you to mitigate anything that may be impacting your revenue streams here in the united states,” said Michelle Harris, the Director of the Small Business Administration Delaware. “This is a global world so the competition is welcomed but also you gotta look beyond the borders there is only so much you can do in the US,” said Signe Pringle, the Deputy Secretary of the Maryland Department of Commerce.

On the ground, this funding would be the link to resources that business owners need across the world. “To find out number one whose distributors, suppliers, wheres my market base at in those countries? So you can potentially use these funds to cover some of the costs that are associated with actually going that ground game, going to those countries, finding your distributors, finding your market,” said Harris. “Apply for that funding through our existing MD grant, which will help them offset some of those expenses up to $5,000. They can receive export counseling, trade show participation, offset some of the expenses of traveling,” said Pringle.

Started in 2014, the program in Maryland has already seen business owners making great strides. “The companies reported back almost $60,000,000 in new export sales, so this is huge for small businesses as it helps them to retain and create new jobs, as well as grow their business here in Maryland,” Pringle explained.

If you’re interested in learning more about the SBA’s STEP program, visit their website.