Hoosier small business exports to get boost from federal funds
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Indiana’s small businesses are getting some help on exporting their goods. That’s thanks to $550,000 in funding from the U.S. Small Business Administration.
The money will go into the Indiana State Trade and Export Promotion (IN-STEP) program that helps small companies market and sell their products around the world.
In a press release Tuesday, the Indiana Economic Development Corp. said small businesses can get reimbursed for costs related to exporting goods. That also includes participating in trade exhibitions or educational programs about exporting.
In a statement, Indiana Secretary of Commerce David Rosenberg said the grant emphasizes the state’s goals of competing in the global economy.
“In Indiana, we’re focused on building a global economy of the future, and our Hoosier entrepreneurs and small businesses will be critical to advancing future-focused innovations and solutions,” Rosenberg said. “Indiana ranks in the top 10 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.”
To be eligible to receive the federal funding, small businesses must be an Indiana Small Business Development Center client, have been in operation for at least a year and be new to exporting.
The IN-STEP program was started in 2020 and since then, the IEDC says its helped 77 businesses reached $26.5 million in sales on grant-supported activities.
The announcement of funding from the Small Business Administration comes after SBA Administrator Isabel Guzman visited Indianapolis in July.