The state of Indiana wants to sell more Hoosier-made products in the global marketplace.
The Indiana Economic Development Corp. launched the Indiana State Trade and Export Promotion program to develop and expand export opportunities by assisting Indiana small businesses with identifying, marketing and selling their goods overseas.
“To remain competitive in today's rapidly-evolving economy, state leaders are committed to ensuring that Indiana’s businesses and its people are able to connect to global markets,” said Indiana Secretary of Commerce Jim Schellinger. “The IN-STEP program will open up new opportunities for small businesses to elevate their goods in the international marketplace, and in turn, position their business and our state for success on the global stage.”
The program offers eligible companies reimbursements of costs associated with export-related activities including participating in international trade missions, foreign trade shows and export educational programs, as well as other export services provided by the U.S. Department of Commerce. Total reimbursements under the program cover up to 50%, or $12,500, of small businesses’ export expenses.
The program, which is launching with the support of a two-year grant from the U.S. Small Business Administration, will provide up to $660,000 in funding for small businesses. Applications will be available on a rolling basis until all funds are distributed or up to Aug. 31, 2021.
Qualifying criteria for the program includes:
- The business must be in operation for at least a year.
- The business must be new to exporting or market expansion.
- The business must be an Indiana Small Business Development Center client.
- The business must be in accordance with SBA size standards, which categorize small businesses based on measures like industry, number of employees and annual receipts.
- The business’ goods must be made in the U.S. or composed of at least 51% U.S. material.
The IEDC, in conjunction with the Indiana SBDC and SBA's Indiana District office, will host a statewide event series to promote and encourage small businesses to apply for the program.
According to the U.S. Census Bureau, Indiana ranks among the county’s top 15 exporting states, with businesses shipping products and goods such as automotive parts, pharmaceuticals and agricultural commodities to global customers.
