Gov. Andy Beshear this week announced new federal funding is available to help build the global presence of Kentucky-based companies.
The $400,000 in State Trade Expansion Program (STEP) funds comes from the U.S. Small Business Administration (SBA), bringing federal funding to 75% of the project. The funding will help more companies increase their presence in global markets, in turn creating economic growth and additional jobs for Kentucky residents.
“This grant program has helped hundreds of Kentucky businesses become exporters, boosting economic development and momentum across our state,” said Gov. Beshear. “We know that small and medium-size businesses are crucial to the success of our economy and workforce. Gaining the resources to empower even more of our great companies to access international markets is a huge win for Kentucky businesses, as well as the families and communities they support.”
This funding follows a record-breaking year for exports in Kentucky with Gov. Beshear announcing in February that more Kentucky-made products were shipped around the world in 2023 than in any other year on record. The Commonwealth broke its single-year total with $40.2 billion in exports, a 16.6% increase over the previous year.
The grant program, which marks its 12th anniversary of funding small-business growth, provides companies with the information and tools needed to successfully sell their products and services worldwide.
A wide range of activities are supported by STEP, including training and workshops for exporting, U.S. Department of Commerce user service, website translations, e-commerce platforms, trade missions, foreign market sales trips, design of international marketing media, exhibiting at trade shows with international audiences, compliance testing, export credit insurance premiums and much more. Since its inception in 2011, Kentucky STEP has awarded $3.4 million to more than 260 businesses across the state. With 95% of the world’s consumers and two-thirds of all purchasing power located outside the United States, this grant program plays a critical role in providing access to capital, markets and buyers.
How To Apply:
Eligible Kentucky businesses may receive up to $15,000 in reimbursement grant funding for year 12 of the STEP program. Anyone interested in applying for funding is encouraged to visit kyexports.com for the application and other valuable sources of information for exporters.
“Our federal partners at the SBA recognize Kentucky STEP funds are being maximized, awarding the commonwealth a third consecutive round of grant funding of $400,000 to administer to eligible small businesses,” said Mary NeCamp, director of STEP at the Kentucky Cabinet for Economic Development. “Kentucky’s STEP grant program uniquely ‘meets businesses where they’re at’ offering a wide array of allowable activity options to fit their plans on their timelines, fully reimbursing them for things they want and need to push forward into new markets. Many are surprised at the definition of ‘small business.’
“The Small Business Measuring Tool allows for several hundred employees at most manufacturing companies and millions of dollars in average revenue for service companies. We encourage interested companies to not rule out the possibility of participating based on size until you check it out. If you need assistance figuring out if your business qualifies, please don’t hesitate to ask.”
As of 2023, Kentucky was home to more than 363,000 small businesses that employ 706,640 people. That represents approximately 99.3% of all companies in the state. Small businesses have made significant contributions to Kentucky’s record economic success, and STEP has taken that momentum to new heights.
STEP is an SBA program administered in the commonwealth by the Kentucky Cabinet for Economic Development. Companies that meet the federally defined criteria of a small business and will export products that are at least 51% U.S. content could be eligible for a grant.
Governor’s Office
