The office of Governor Gretchen Whitmer has announced new U.S. Small Business Administration funds available to help small Michigan businesses with exports. The governor’s office has released the following:
Michigan has once again received the top award in the nation from the U.S. Small Business Administration (SBA) State Trade Expansion Program for the upcoming fiscal year. Michigan received $2 million in federal grant funds – the maximum amount awarded by the SBA and a $650,000 increase from 2021 – to help Michigan small businesses grow in the state through increased access to global markets.
“These federal STEP grants are vital to helping businesses across Michigan create and gain access to new revenue streams as they compete in today’s global economy,” said Governor Gretchen Whitmer. “As we continue making investments at the state level to grow our middle class and support small businesses, we welcome this infusion of federal funding from the Small Business Administration to help even more Michigan businesses grow, fostering increasing international collaboration and prosperity for all.”
Administered by the Michigan Economic Development Corporation’s International Trade program, this year’s SBA award supports export development for small- and medium-sized businesses through financial assistance grants for virtual and in-person trade missions, international sales trips, and trade shows along with website translation, localization, and search engine optimization and more. The Michigan STEP grant initiative (MI-STEP) is designed to spur job creation by empowering Michigan small- and medium-sized enterprises (SMEs) to export their products, providing financial assistance awards for eligible export development-related expenses.
The Michigan Strategic Fund is providing an additional $667,000 as the state match to support MI-STEP, now in its 10th year of supporting financial assistance for exporting activities of eligible Michigan businesses. To date, MEDC’s International Trade program has facilitated more than $4.1 billion in export sales through federal and non-federally funded programs. In fiscal year 2020, export sales generated a total of $592 million for Michigan businesses.
“Export sales help to diversify customer bases, provide longer term stability and support higher paying jobs that are critical to our long-term economic growth as a state,” said Quentin L. Messer, Jr., CEO of MEDC and President and Chair of the MSF Board. “These funds will allow for our International Trade program to support more businesses, especially growing small businesses, and accelerate our efforts to create a more equitable, inclusive and resilient economy for all Michiganders.”
The International Trade Program recently added international certifications and export credit insurance premiums as expenses eligible for MI-STEP grant funding, including certifications for ISO, AS9100, CE Mark for Europe, CCC for China, and many more.
MI-STEP is designed to spur job creation by empowering Michigan small- and medium-sized enterprises (SMEs) to export their products. The program provides financial assistance awards to SMEs, reimbursing them for eligible export-related expenses and easing the cost of doing business in foreign markets.
Applications are accepted on an on-going basis for MI-STEP grants to small- and medium- sized businesses. For complete details on how companies can apply for assistance, including eligibility requirements and the application process, visit www.michiganbusiness.org/export or contact an International Trade Manager.
To read Gov. Whitmer’s full announcement on the STEP award, visit here.
Visit michiganbusiness.org/why-michigan to learn why businesses are choosing to grow and invest in Michigan.
