Lawmakers Seek FY15 Renewal of Export Promotion Program
The Financial Services and General Government appropriation legislation for Fiscal Year 2015 (FY15) should designate “sufficient” funding for the State Trade Export Promotion (STEP) program in order to continue to help small businesses, said Reps. Rick Larsen, D-Wash., and Dave…
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Reichert, R-Wash., in a recent letter. Eighteen other lawmakers endorsed the letter sent to Appropriations Committee Subcommittee on Financial Services leadership. The Consolidated Appropriations Act of 2014 appropriated $8 million for the STEP program in FY14 (here). The Small Business Administration (SBA) authorized states to grant up to $30 million a year, according to the SBA (here). The STEP program was initially passed into law in 2010. “All 50 states, Washington, D.C., and U.S. Territories qualify to apply for STEP grant awards. In the first two years of the program, 3,737 small businesses were assisted through the program,” said the letter. “Many states have effectively leveraged program resources resulting in a return on investment for the majority of states of $10 to $1. In fact, six states had a return of investment of $20 to $1.”