The Indiana Economic Development Corporation has received a $300,000 grant from the US Small Business Administration to support export opportunities. According to the IEDC, the funds will directly support Indiana’s trade and export facilitation programs, which help small businesses market and sell their goods in international markets.
The program, called IN-STEP, aims to promote business growth and job creation by expanding and diversifying its customer base. IN-STEP provides cost reimbursement for expenses associated with export activities, including participation in international trade missions, trade shows, export education programs, and export services provided by the U.S. Department of Commerce.
Ann Lathrop, Executive Vice President, Global Investments, IEDC, said: “As a state, we pride ourselves on supporting and developing the entrepreneurs of today and tomorrow. IN-STEP programs are already available to help these leaders and their businesses grow and succeed. It’s one tool.”
To be eligible for the program, IEDC requires companies to have been in operation for at least one year, to be inexperienced in exporting or expanding markets, and has an SBA size classification that classifies small businesses based on measures such as industry. It states that it must comply with standards. , number of employees, annual income. Finally, the business must be a client of the Indiana Center for Small Business Development and the merchandise must be manufactured in the United States or consist of at least 51% U.S. materials.
Funds will be available until September 2024 or until all funds are disbursed.
First launched in 2020, the program has helped more than 45 SMEs enter international markets and reported $11.7 million in export turnover, according to IEDC.
Click here to connect to more information about IN-STEP and apply for export assistance.