Department of Economic Development Awarded 2024 State Trade Expansion Program Funds to Support Vermont Businesses in Global Markets

DEPARTMENT OF ECONOMIC DEVELOPMENT AWARDED 2024 STATE TRADE EXPANSION PROGRAM FUNDS TO SUPPORT VERMONT BUSINESSES IN GLOBAL MARKETS

Application window for new grants is now open

Montpelier, Vt. - Vermont small business owners and entrepreneurs have access to a new round of funding to expand their international reach. The Vermont Department of Economic Development (DED) has been awarded a $249,000 grant from the U.S. Small Business Administration's State Trade Expansion Program (STEP), and the new award period is underway.

STEP funding provides financial assistance to small businesses, helping them overcome challenges in entering and expanding into global markets. These grants can cover costs associated with trade missions, website optimization, international marketing, and participation in trade shows. Eligible businesses may be reimbursed for up to 75% of approved expenses.

"We're very happy to receive another year of funding from the SBA and the State Trade Expansion Program. STEP is a valuable resource for our local businesses, empowering them to expand and continue their international growth," said DED Commissioner Joan Goldstein.

Since 2018, STEP has awarded more than $1.1 million to 264 Vermont businesses, resulting in a return on investment exceeding $24.4 million in sales. 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, access to markets, and access to buyers.

Businesses interested in applying should contact STEP Program Manager Daegan Goodman at [email protected] for guidance on eligibility and available services. Additional information is available at accd.vermont.gov/STEP.

###