SBA Names Missouri Valley Growth, Inc., Vermillion, as 2022 State Trade Expansion Program Awardee - $175,000 Now Available to Support Small Business Export Growth in State of South Dakota

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SOUTH DAKOTA DISTRICT OFFICE

SBA Names Missouri Valley Growth, Inc., Vermillion, as 2022 State Trade Expansion Program Awardee - $175,000 Now Available to Support Small Business Export Growth in State of South Dakota

 

SBA Administrator Guzman Announces 2022 State Trade Expansion Program Awardees STEP Program’s Impact: $215 Million of Investment Dedicated to Small Business Export Growth Over 10 years

Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, announced $20 million in awarded grants resulting in funding for 52 state and territory international trade agencies across the country – the highest number of grantees since the program’s inception. The awardees were selected after a highly competitive application process to SBA’s State Trade Expansion Program (STEP)

“For over 10 years the SBA’s State Trade Expansion Program has been a critical resource for small businesses and startups seeking to enter new markets, diversify and grow revenue streams, and identify new customers – all with an eye toward scaling their business for success,” said Administrator Guzman. “By providing this funding opportunity and leveraging the strengths and expertise across our state governments we can continue to help our diverse entrepreneurs innovate and take advantage of emerging opportunities abroad as we transition to stable, steady growth.”

To date, the program has awarded $215.5 million in grants that directly support small businesses going global. The program remains in high demand with a combined request of over $39 million in funds this year alone. 

“We are thrilled with the outcomes of the grant; the STEP program continues to be validated by its strengthening returns on investments, increased demand for funding, and expansion of eligible small business concerns addressed” said Associate Administrator for International Trade Gabe Esparza. 

The 2022 STEP awards help local entrepreneurs enter and thrive in the global marketplace by providing small businesses with the information and tools they need to succeed in export-related activities. Exporting activities include: participating in foreign trade missions, market sales trips, designing international marketing campaigns, participating in export trade show exhibits, and attending training workshops, as well as other important means of engagement.

Locally, Missouri Valley Growth, Inc., Vermillion, SD, earned $175,000 of the national STEP pool to help provide small businesses with the information and tools they need to succeed in export-related activities. 

 “Our state’s top exports industries are manufacturing and agriculture — the STEP funding empowers South Dakota businesses in these industries and beyond to further connect to the global supply chain,” said Jaime Wood, SBA South Dakota District Director. 

"We look forward to furthering the international trade efforts in South Dakota," said Jim Peterson, President of Missouri Valley Growth, Inc. "South Dakota has so much to offer international markets, and our goal is to assist small businesses in our state, bringing high-quality products to customers all over the world.”

Expanding the base of small business exporters and improving the process to explore new trade opportunities is a key component of SBA’s small business strategy, in line with the Biden-Harris Administration’s goals of creating more opportunities for America’s small businesses to grow and compete. Since its creation in 2010 as part of The Small Business Jobs Act, STEP has recorded over $3.8 billion in exports with more than 12,000 small businesses receiving grants to fund their export opportunities and increase their footprint across 141 countries. Last year, for every $1 in funding for STEP, businesses benefited from $42 in export sales.  Over 95 percent of the global market is outside of the U.S. and as states improve their exporting skills, the returns on investment increase. Individual STEP awards are managed at the local level by state government designated organizations. 

Explore how small business counseling from local SBA Resource Partners can help inform your export strategy. For more information on STEP, additional details are posted on www.SBA.gov/STEP. To apply for STEP in South Dakota contact Missouri Valley Growth, Inc., at jim@vermillionchamber.com.