Chair Shaheen Applauds $500,000 in STEP Funding that Will Boost Granite State Small Business Exports – a Record Amount for the Granite State

(Washington, D.C.) - U.S. Senator Jeanne Shaheen (D-NH), Chair of the U.S. Senate Committee on Small Business and Entrepreneurship, today applauded New Hampshire's $500,000 State Trade Expansion Program (STEP) award through the U.S. Small Business Administration (SBA), a record amount for the Granite State. The award is part of $20 million in grants to 43 state and territory international trade agencies that will help small businesses offset the cost of training, market research, website upgrades, trade missions and other activities that can help them begin or expand sales internationally. Funding will become available September 30^th, but state trade agencies are authorized to begin soliciting applications now.<_o3a_p>

<_o3a_p> "Small businesses build the economic future of the Granite State by tapping into international markets and growing exports at a record pace thanks to programs like STEP. I urge small businesses interested in exporting to take advantage of STEP funding that will help them expand international sales and grow their local economies," said Chair Shaheen. "As Governor, I led the first overseas trade mission from New Hampshire - and when I got to Congress, I worked to create STEP in 2010 to help small businesses start and grow their exports. I'm proud to see STEP's critical impact across the nation. In the Granite State, it has helped small business owners attend the Farnborough International Air Show and supported the creation of the Export Accelerator program that helps newer small businesses get started in exporting and connect with federal resources. I applaud the Biden-Harris Administration for working to provide the programs and resources that small business owners need to compete abroad."

The additional funding from SBA will help New Hampshire small business owners participate in trade events such as the Farnborough International Air Show, which Chair Shaheen attended in July. The Air Show connected New Hampshire small business owners in the aerospace industry to international markets, allowing them to expand and grow overseas. The additional funding would also support the expansion of programs such as the Export Accelerator program, which helped New Hampshire small businesses connect with federal resources and establish an export plan. In August, Shaheen celebrated the graduation of the first Export Accelerator cohort in Dover, NH, alongside SBA officials, the NH Small Business Development Center (NH SBDC), the NH Department of Business and Economic Affairs (BEA) and the U.S. Commercial Service (USCS).

Last week, Chair Shaheen secured the inclusion of key provisionsin the Senate FY 2025 National Defense Authorization Act (NDAA) manager's package, including the modernization of STEP. The provision updates STEP by streamlining application, reporting and compliance requirements and improving award consistency and transparency to make the program easier to use for small business owners.

Chair Shaheen helped create STEP as a pilot program in 2010. The program was fully authorized by Shaheen's small business trade amendmentthat was signed into law in 2016. Since its creation, STEP has awarded $235.5 million in grants and directly supported more than 13,000 small businesses' international expansion and export growth.

Last year, New Hampshire set a record with $7.6 billion in exports, which was more than double the $3.1 billion in 2009 - the year before STEP was created. In 2023, New Hampshire received $444,366 through STEP, up from $250,000 in recent years.

<_o3a_p>

###? <_o3a_p>