Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. Nevada is taking steps to reopen the economy which involves assisting small, export ready businesses fund activities that will prepare them for when trade normalizes. STEP helps small businesses overcome obstacles to exporting by providing grants to cover the costs associated with the international trade. In order to facilitate global market success, grant rules have been adapted during the challenging times to include virtual service offerings.
GOED has been awarded $149,500 in grant funding in September 2020 for the implementation of a competitive STEP to support Nevada companies in exporting their products and services internationally.
Since the program started a decade ago, $1.7 million has been awarded to Nevada to help small businesses leverage global sales growth.
STEP is a federal trade and export initiative to make matching-fund awards to states to assist their small businesses with entering and succeeding in the international marketplace. The program is funded in part through a grant with the U.S. Small Business Administration and administered by GOED International Trade Division on behalf of the state. GOED is proud of the relationship it has developed over the course of the last decade with the SBA, which has led to results that have made a remarkable impact on Nevada small businesses.
STEP has been providing resources to Nevada small businesses to help them tap into new markets and increase their international sales.
“Benefits of exporting for Nevada small businesses are increased competitiveness, increased sales, higher profits, lower costs, reduced vulnerability and extending the product life cycle,” said Michael Brown, GOED executive director. “Exports lead to domestic production. Domestic production requires domestic labor which leads to an increase in employment in our state. There have been more than 50,000 jobs created by exports in Nevada last year.”
Bon Tool successfully continues to grow as a global leader in the manufacture of professional construction tools for the trowel trades.
“Through the grant money awarded by GOED this year alone we have secured export sales to over 30 countries. Our primary focus was to increase our customer base in Latin America and South America. We made many meaningful contacts and were able to convert them into sales…even in these uncertain times.”, said John Bongiovanni, Bon Tool President
Retro Manufacturing, 2020 Nevada Small Business Exporter of the Year utilized the grant for a foreign market sales trip and compliance testing. Leading producer of audio components for the classic vehicle market and proactive supporter of the automotive restoration around the globe shared with us the advantages of the grant.
"The STEP Grant has allowed us to meet our international dealers face-to-face and better address their customers' specific wants and needs. We have been given opportunities we normally wouldn't have, which has led to an increase in our export sales of over 30%.”
Cultiva, Nevada based producer of food-grade biofilm technology used the grant for compliance testing of their product.
“The STEP grant allowed Cultiva to expand our research and development efforts in Europe, a market of significant importance for us as we continue to grow and deliver solutions to increase marketable yields for growers across the globe”, shared Luis Hernandez, CEO
Funded in part through a grant with the U.S. Small Business Administration
For any questions, please contact us by email at NVSTEPGrant@diversifynevada.com