The state is inviting Hoosier entrepreneurs and small business owners to apply for grants to help expand their reach.
The Indiana Economic Development Corp. (IEDC) has secured $300,000 in competitive grant funding from the U.S. Small Business Administration (SBA) to support the export activities of Hoosier small businesses through the Indiana State Trade and Export Promotion (IN-STEP) grant program.
According to a release from the IEDC, IN-STEP was launched in 2020 and helps small businesses in Indiana develop and expand their export activities, with the goal of “opening up new international markets for Hoosier-made goods around the world.”
Through the program, eligible companies can receive reimbursement for expenses associated with export-related activities, such as international trade missions and trade shows. The new round of grant funding will be available from Oct. 1, 2023 through September 2025, or until all funds are distributed.
“In Indiana, we’re focused on building a global economy of the future, and our Hoosier entrepreneurs and small businesses will be critical to advancing future-focused innovations and solutions,” said Indiana Secretary of Commerce David Rosenberg in an official statement. “Indiana ranks in the top 15 states for exporting, and the IN-STEP program aims to build on this momentum, helping more Hoosier small businesses reach customers in international markets and find success in the global economy.”
To be eligible for export assistance through IN-STEP, a business must:
- Be in operation for at least one year
- Be new to exporting or market expansion
- Be an Indiana Small Business Development Center client
- Be in accordance with SBA size standards, which categorize small businesses based on measures such as industry, number of employees and annual receipts
- Sell goods made in the U.S. or made of at least 51% U.S. material
Since the program’s launch, IN-STEP has helped 65 Indiana entrepreneurs and small businesses with 102 projects to start or expand export activity across six continents. These businesses have reported export sales of $20.7 million for grant-supported activities, which is an approximate return of $26 for every dollar invested.
Where to learn more
More information about IN-STEP and how to apply is available at iedc.in.gov/program/in-step/overview.
