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SALT LAKE CITY — Grant funding totaling $500,000 is now available to Utah small businesses by way of the U.S. Small Business Administration's competitive State Trade Expansion Program.
The goal of the grant is to enhance global success for Utah companies and it is being administered jointly between World Trade Center Utah and the Governor's Office of Economic Opportunity.
Any small businesses in Utah that are engaged internationally or looking toward global expansion are encouraged to apply for the grant. The funds can be used to finance international business trips, develop international marketing materials, cover travel expenses for foreign-market sales trips, participate in trade missions and shows and more.
"We're incredibly pleased with the collaboration between the SBA Utah District Office and WTC Utah in supporting our state's small businesses on their international journeys," said Marla Trollan, Utah district director of the Small Business Administration, in a statement. "WTC Utah's exceptional work in assisting small businesses has once again been recognized through this SBA STEP grant award. This underscores their dedication to helping Utah businesses expand globally. Together, we continue to empower Utah businesses to thrive in the international arena, and we look forward to the continued success of this partnership."
About 95% of consumers and two-thirds of purchasing power are located outside the U.S., making the grant crucial for Utah businesses looking to access additional capital, expand into new markets, and connect with new clients at a global level, according to a statement from World Trade Center Utah,
Since the launch of the State Trade Expansion Program 11 years ago, over 13,000 companies across the nation have benefitted from the grant. Over the past two years, over 120 Utah companies have been awarded grants, and they have reported $90 million in new trade opportunities for the state.
One Utah company that has benefitted is Pingora, an outdoor brand that harnessed the program to attend the last three ISPO trade shows in Munich, Germany.
"While at ISPO we met a new partner from Japan, which just resulted in a hugely successful launch of our brand in Tokyo," said Pingora founder C.J. Whittaker, in a statement. "Before learning about the STEP grant and the Utah booth, we didn't think that exhibiting at ISPO would be an option for us this early in our growth, and now the show allows us to connect with our global contacts each year while finding new partners and growing our brand internationally."
Exciting news for Utah's small businesses! 🌍📢
— World Trade Center Utah (@WTCUtah) September 19, 2023
Utah has received $500,000 to support export growth among small businesses thanks to the@SBAgov's competitive State Trade Expansion Program (STEP).
Read more: https://t.co/x6HV3VgCKn
Any company that gets approved for the grant will receive a financial award to cover 75% of travel and lodging expenses.
Last year alone, Utah companies that received the grant funding were able to explore and pursue opportunities across Europe, the Middle East, Southeast Asia and many other regions. This grant signifies a transformative opportunity for Utah's small businesses to thrive in the global marketplace, according to World Trade Center Utah.
"This generous contribution from the SBA acts as a catalyst for Utah companies wanting to access global sales channels," World Trade Center Utah President and CEO Jonathan Freedman said in a statement. "We can help anyone wanting to sell a product or service abroad. WTC Utah and GOEO team up and provide opportunities for entrepreneurs to meet customers by attending international trade missions and shows. Companies already working internationally with expansion goals can also benefit from SBA STEP funding."
The grant application is now open to Utah companies and more information can be found at wtcutah.com/grants. Businesses looking to inquire about eligibility or accepted activities can contact grants@wtcutah.com.
