Agency To Provide State’s Small Businesses With Funds
The federal Small Business Administration is providing grants to small businesses across the US, according to an announcement last week. The money is designed to help boost exports among state small businesses. SBA Administrator Maria Contreras-Sweet said, “Exports are a central part of America’s economic growth; with export-supported jobs paying 15-18% more. Yet less than one percent of small businesses export; and of those that do, 58 percent of them export to only one country. Unlocking trade opportunities for small businesses is key to continued growth and expansion. SBA’s STEP program ensures local resources are available to help small businesses tap global markets. By funding states and their export development partners, the SBA is delivering the tools and resources required for small businesses to launch their services and products abroad. With 95% of the world’s consumers living outside of the United States, SBA’s STEP program ensures that America’s small businesses can succeed in the 21st century global economy.” According to the Philadelphia Business Journal, 40 states received $17.4 million this year from the SBA aimed specifically at boosting exports among state small businesses. Pennsylvania received a total of $698,613 in funds through the SBA’s State Trade and Export Promotion program. Nearby states also received funds; New Jersey was granted $498,000 and Delaware received $276,741.
What This Means For Small Businesses
Though government regulations can be burdensome for small businesses, Pennsylvania’s small businesses can benefit from federal loans to help them grow their exports. The SBA’s grant funds to the state provide a positive signal that Pennsylvania’s small business community is vital to the state’s economy.
Additional Reading
NFIB previously noted Pennsylvania jobs growth.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
