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$578,500 for small businesses in Virginia

Staff writer |
Virginia has received $578,500 in grant funding from the U.S. Small Business Administration’s State Trade and Export Promotion (STEP) Grant Program.

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The STEP grant is designed to increase the number of small businesses that are exporting and to raise the value of exports for those small businesses that are currently exporting.

The STEP Grant will generate international sales for Virginia’s small businesses by providing the following international trade promotion services for eligible small businesses: opportunities to participate in international trade shows, face-to-face meetings with potential customers and partners by travelling to international markets, website translation, search engine optimization and localization, and advertising and translation services.

Receipt of this federal grant was made possible by Governor Terry McAuliffe’s $1 million funding of the Virginia International Trade Alliance (VITAL), which was announced in July 2015.

To date, two federal grants totaling over $2.4 million have been awarded to Virginia to increase international trade.

VITAL’s goals are to increase Virginia’s exports by $1.6 billion and to create 14,000 trade-supported jobs over the next 5 years. The SBA grant will be administered by the International Trade Division of the Virginia Economic Development Partnership.