VT Small Business Exporting Grants

The State of Vermont will receive a $325,600 grant to help small businesses reach international markets. The grant is awarded through the Small Business Administration's (SBA) State Trade Expansion Program (STEP), a federal-state partnership initiative intended to increase the number of small businesses exporting and the value of exports by the small business sector. 

The Department of Economic Development, a division of the Vermont Agency of Commerce & Community Development, will oversee and manage the grant. The funds are used to participate in foreign trade missions, export training and compliance, as well as company website upgrades to reach the international market.

This is the seventh time the state has been awarded a STEP grant. Since STEP was created in 2010, the SBA has provided Vermont with more than $1.4 million in STEP grants. Individual state project award amounts vary based on proposed project plans and budgets. The SBA awarded $18 million in STEP grants to 44 states in 2017. Since the creation of STEP, the SBA has guaranteed more than $19 million in exporting loans to Vermont small businesses.

According to the International Trade Administration's (ITA) 2017 Vermont Exports, Jobs, & Foreign Investment report, more than 1,200 Vermont companies sold $3 billion worth of goods outside of the U.S. in 2016. The state's largest exporting markets were Canada, Hong Kong, China, Malaysia, Mexico and Korea. Computer and electronic products account for nearly two-thirds of all goods exported from Vermont. 

For more information on the STEP program, click here and for a grant application click here.