Oregon Secures $300,000 in Federal Funding For Small Business Grants

Thursday, September 04, 2014

Kirsten Nicolaisen, GoLocalPDX Digital Producer

The U.S. Small Business Administration awarded Oregon $300,000 to help small businesses promote their products to customers around the world through the State Trade and Export Promotion (STEP) program.

STEP aims to help small businesses ramp up sales by providing funding for and access to international trade shows and other foreign activities. Small businesses are selected for grants of up to $5,000.

"Selling into these foreign markets brings new revenue into the hands of small businesses, and new dollars into Oregon's economy," said Business Oregon Director Sean Robbins. "Pairing our staff's foreign market expertise with individual grants of $5,000, these companies have already realized an incredible return on the state and federal investment."

Since 2012, STEP-funded export promotion grants totaling $594,000 helped 170 Oregon companies achieve immediate sales of more than $21 million. These sales were a direct result of attending trade shows and other foreign activities with the grants, according to Business Oregon.

Business Oregon also said the grant recipients also reported estimated future sales of more than $80 million as a result of the connections made at the shows.

The grants will be available on October 1 and can be used for activities through September, 2015.