NEW MEXICO – The U.S. Small Business Administration has awarded the New Mexico Economic Development Department (EDD) another grant to boost international trade for businesses in the state.
Businesses that are registered, offer goods or services that have at least 51% U.S. content, have been in operation for at least one year, and have 500 or fewer employees can apply.
EDD noted that they offer grants of up to $7,500 per company. The source of the grant is referred to as STEP 11 from the SBA’s State Trade Expansion Program.
STEP grants are awarded on a reimbursable basis for allowable activities. Funding levels are specific to the service or activity, those designated as an international trade show or trade mission get $7,500, as do those for global website optimization.
Those related to the establishment of international commercial contacts and international market research will receive US$5,000, while those related to the registration of foreign products will receive US$6,000.
Pajarito Powder has utilized STEP resources with great success, including extensive use of trade show support in Europe and Asia, with more than 70% of the company’s revenues coming from those regions. The company has also globalized its website, which is now translated into four languages.
STEP’s resources provided Humble Brands with two unique avenues to increase sales through international trade programs so that they could be registered and approved for sale in Canada, the company signed a broader distribution agreement and multiple large retail chain accounts.
In addition, exhibiting Humble Brands’ products at Natural Products Expo West provided an opportunity to network with international buyers and decision-makers from key strategic territories, resulting in increased orders.
“International trade is one of nine industry sectors identified by Governor Michelle Lujan Grisham to grow and diversify the state’s economy. The STEP grants provide an opportunity to accomplish that, one business at a time, while also increasing global awareness of New Mexico as a great place for business,” said EDD Assistant Secretary Clark.