Small business export program to expand with grant
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The Indiana Economic Development Corp. is providing more support to small businesses looking to sell their products internationally using a $300,000 grant from the U.S. Small Business Administration.
The program, called the Indiana State Trade and Export Promotion, or IN-STEP, can reimburse costs stemming from export-related activities, like international trade missions, trade shows and export educational programs.
“Indiana ranks in the top 15 states for exporting, and the IN-STEP program aims to build on this momentum, helping more Hoosier small businesses reach customers in international markets and find success in the global economy,” Secretary of Commerce David Rosenberg said in a news release.
Since its launch in 2020, IN-STEP has assisted 65 businesses with 102 projects, reporting sales of $20.7 million, the IEDC said.
To be eligible for the program, businesses must be:
- in operation for a year.
- new to exporting or market expansion.
- an Indiana Small Business Development Center client.
- a small business by SBA standards.
- selling goods made in the U.S. or at least comprised of 51% of American materials.
Funds will start being available Oct. 1 and will last through September 2025 or whenever all funds are depleted. Applications can be filed online.