Utah aims to help small businesses involved in exports by awarding $390,000 in funding grants to World Trade Center Utah (WTC Utah).
WTC Utah will administer the funds through the State Trade Expansion Program (STEP). Grant recipients must organize trade shows and exhibits if they qualify for a portion of the money. Qualified companies in Utah also need to match 25% of the awarded amount in cash.
The STEP program aims to help local companies in their export business by giving up to $15,000 for their international operations. The recipients may use the funds for export-related projects, such as foreign trade missions, market sales trips, and designing marketing campaigns abroad.
WTC Utah President and CEO Derek Miller said that the grants would help the state invest in the economy’s future. It also allows companies to fast track their expansion by giving them the chance to grab overseas opportunities. Interested parties may submit their applications until Oct. 31 if they intend to use the money for business activities over the next year.
Steve Price, acting district director of the Utah Small Business Administration, said that the grants would help small businesses expand on a global scale. As small and mid-sized firms make up around 85% of the state’s exporting enterprises, the funding grants represent a step in the right direction.
That is because Utah’s economy currently treads on the right path, according to John Williams, president of the Federal Reserve Bank of San Francisco. A particularly strong aspect of the state’s economic growth can be attributed to a robust job market, Williams added.
Small businesses should take the opportunity to apply for funding grants, as these would be beneficial for them and for the state’s economy. The grant will help a business thrive and sustain its operations.