LANSING, Mich. (WLNS) — Alongside the Michigan Economic Development Corporation, Gov. Gretchen Whitmer announced that Michigan had received the highest award from the U.S. Small Business Administration (SBA) State Trade Expansion Program (STEP) for the next fiscal year.
Michigan received $2 million in federal grant funds, which is a $650,000 increase from the 2021 fiscal year.
“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 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.”
The award will do towards export development for both small and medium-sized businesses for international sales trips, trade shows, website translation, localization, search engine optimization and virtual and in-person trade shows.
MI-STEP is designed to give Michigan small- and medium-sized enterprises (SMEs) the means to export their products, providing financial assistance awards for eligible export development-related expenses.
According to a release from Whitmer, the Michigan Strategic Fund is providing an additional $667,000 as the state match to support the Michigan STEP grant initiative (MI-STEP), now in its 10th year of supporting financial assistance for exporting activities of eligible Michigan businesses.
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, please visit www.michiganbusiness.org/export or contact an International Trade Manager.