$400,000 in STEP Funds Available to Boost Ky’s $40 Billion Exports – Lane Report

FRANKFORT, Ky. – After a record year in which Kentucky companies reported more than $40 billion in exports for the first time, state officials said today that new federal funding is available to expand the global footprint of Kentucky-based companies.

The $400,000 in State Trade Expansion Program (STEP) funding comes from the U.S. Small Business Administration (SBA), meaning 75% of the project is funded by federal funds. The funding will help more companies expand their presence in global markets, which in turn creates economic growth and additional jobs for Kentuckians.

The grant program, celebrating its 12th anniversary supporting small business growth, provides companies with the information and tools they need to successfully sell their products and services worldwide.

Since its inception in 2011, Kentucky STEP has awarded $3.4 million to more than 260 businesses across the state. With 95% of global consumers and two-thirds of all purchasing power located outside the United States, this funding program plays a critical role in providing access to capital, markets and buyers.

Activities supported by STEP include export training and workshops, U.S. Department of Commerce user services, website translations, e-commerce platforms, trade missions, sales trips to foreign markets, international marketing media design, exhibiting at trade shows with international audiences, and compliance Tests, export credit insurance premiums and much more.

“This grant program has helped hundreds of Kentucky businesses become exporters and promoted economic development and vibrancy throughout our state,” said Gov. AndyBeshear. “We know that small and medium-sized businesses are critical to the success of our economy and our workforce. Preserving the resources to enable more of our great companies to access international markets is a huge win for Kentucky businesses and the families and communities they support.”

This funding follows a record year for Kentucky exports, with Governor Beshear announcing in February that more Kentucky-made products were shipped around the world in 2023 than in any other year on record. With exports of $40.2 billion, the Commonwealth exceeded its previous year’s figure, an increase of 16.6% on the previous year.

How to apply:

Eligible Kentucky businesses can receive up to $15,000 in reimbursement grants for the 12th year of the STEP program. Anyone interested in applying for financing is encouraged to visit kyexports.com for the application and other valuable sources of information for exporters.

“The hard work of Kentucky companies to get their products and services into the hands of international buyers resulted in a record-breaking export year. “Our federal partners at the SBA recognize that Kentucky’s STEP funds are being maximized and, for the third consecutive year, are awarding the Commonwealth $400,000 in administration grants to eligible small businesses,” said Mary NeCamp, director of STEP at Kentucky Cabinet for Economic Development.

“Kentucky’s STEP grant program offers a wide range of eligible activity options to meet business plans her Meet timelines and give them full refunds for things they want and need to move into new markets. And many are surprised by the definition of “small business.”

With the measurement tool for small businesses, several hundred employees can be employed in most manufacturing companies and average sales in the millions can be achieved in service companies.

“We encourage interested companies not to rule out the possibility of participating due to their size until they review it,” NeCamp said. “If you need help determining whether your business meets the requirements, please don’t hesitate to ask us.”

As of 2023, there were more than 363,000 small businesses in Kentucky, employing 706,640 people. This corresponds to around 99.3% of all companies in the country. Small businesses have contributed significantly to Kentucky’s record economic success, and STEP has taken that momentum to new levels.

“As we expand into international markets, we have worked closely with Kentucky STEP to strengthen our global presence,” said Peg Hayes, president of Casey Jones Distillery in Hopkinsville. “Through STEP we received targeted funding that supported our participation in key international trade fairs and led directly to significant export sales and valuable new trade contacts. This initiative not only expanded our market presence but also strengthened our team’s expertise through dedicated training on export compliance and market strategies.”

STEP is an SBA program administered in the Commonwealth by the Kentucky Cabinet for Economic Development. Companies that meet federal small business criteria and export products that contain at least 51% U.S. content could be eligible for a grant.

STEP also aligns with the Kentucky Export Initiative (KEI). Through KEI, the Cabinet works with a coalition of agencies and organizations to streamline and advance the state’s efforts to help Kentucky businesses reach global markets.

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