State secures funding to help small businesses sell internationally – within INdiana Business

State secures funding to help small businesses sell internationally – within INdiana Business

(Image via Indiana Economic Development Corporation).

The Indiana Foundation for Economic Development is receiving a $300,000 grant from the US Small Business Administration to support export opportunities. The IEDC says the funding will directly support Indiana’s Trade and Export Promotion Program, which helps small businesses market and sell their goods in international markets.

The program, called IN-STEP, aims to help companies grow and stimulate job creation by expanding and diversifying client bases. IN-STEP provides reimbursement for expenses related to export activities, including participation in international trade missions, trade fairs, export educational programs, and export services provided by the US Department of Commerce.

“Indiana’s entrepreneurship ecosystem is strong and growing, and ranks among the top emerging markets in the world,” said Ann Lathrop, executive vice president of global investment at IEDC. “As a country, we pride ourselves on supporting and growing the entrepreneurs of today and tomorrow, and the IN-STEP Program is another tool available to help these leaders and their businesses grow and succeed.”

In order to qualify for the program, the IEDC says companies must have been in business for at least one year, must be new to export or market expansion, and must be compliant with SBA size standards, which ranks small businesses based on metrics such as industry, number of employees, and annual revenue. Finally, companies must be a client of the Indiana Small Business Development Center and merchandise must be made in the United States or consist of at least 51% of American materials.

Funding will be available until September 2024, or until all funds are disbursed.

The IEDC says the programme, first launched in 2020, has helped more than 45 small businesses engage in international markets, and has recorded export sales of $11.7 million.

You can contact more information about IN-STEP and apply for export assistance via click here.

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