Mississippi Development Authority Awarded Exporting Grant

JACKSON, Miss. (PRESS RELEASE) – U.S. Small Business Administration (SBA), recently awarded Mississippi Development Authority $556,810 to help Mississippi small businesses enter and compete in the global marketplace. The State Trade and Export Promotion (STEP) grant will be used to support export development and trade endeavors for eligible small businesses.

“I consider this an opportunity to spotlight the state of Mississippi, MDA and the SBA, highlighting our respective brands, bringing attention to the STEP Program as one great example of state and federal government here working in concert to make some good things happen for small businesses and entrepreneurs – and in this instance, in the great big wide world of exporting,” said Janita R. Stewart, SBA Mississippi District Director.

This will be MDA’s sixth consecutive year of receiving the STEP grant on behalf of Mississippi. The STEP program is designed to increase both the number of small businesses that begin to export and the value of exports for small businesses currently engaged in this multi-national commercial activity.  Mississippi small businesses will have the opportunity to participate in marketing events throughout North, Central and South America, Asia, Africa and Europe.

“With two-thirds of the world’s purchasing power outside of the United States, Mississippi-based companies increase capacity through the use of STEP funds,” said MDA Executive Director Glenn McCullough, Jr. “In 2016 Mississippi companies exported more than $10.2 billion in goods to 177 countries. Thanks to the support from the STEP grant program, many Mississippi businesses are strengthening their communities through job creation supported by exporting. ”

During the grant’s inaugural year in 2011, SBA awarded fifty-one awards totaling more than $29 million.  In most cases the Federal government provides 75% of the total funding and states provide 25%.

“Making the business decision to export can have a transformational impact on the growth of any business,” said Mississippi Development Authority International Trade Office Director Rose Boxx. “The Mississippi STEP grant program assists small businesses with financial assistance for international marketing strategies such as sales trips, trade shows, market research and technical counseling. STEP is instrumental in helping many Mississippi companies become first time exporters opening new markets to their products and services.”

The STEP Grant Initiative was authorized in the Small Business Jobs Act of 2010. Under the statute, the 50 states, District of Columbia, Commonwealth of Puerto Rico, Virgin Islands, Guam, and American Samoa, are eligible to compete for award of matching-fund grants.