The state of Indiana received a $495,000 grant from the U.S. Small Business Administration to help small businesses find new markets for Hoosier-made goods around the world.
The state said the Indiana Economic Development Corp. will add an additional $165,000 to increase funding for programs to help small businesses with exporting, bringing available dollars to $660,000. The federal dollars were awarded through the State Trade and Export Promotion grant, which is managed by the SBA’s Office of International Trade.
“As we work to remain competitive in today's global economy, Indiana recognizes the need to cultivate mutually beneficial partnerships around the world and ensure our businesses and people are connected to international markets,” Gov. Eric Holcomb said. “With the federal STEP grant, we'll help Indiana-based small businesses grow and sell Hoosier-made goods across the globe.”
Through the program, eligible small businesses can apply with the Indiana Economic Development Corp. for reimbursements of 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.
According to the U.S. Census Bureau, Indiana ranks in the top 15 exporting states, with Hoosier businesses shipping products and goods including automotive parts, pharmaceuticals and agricultural commodities to global customers.