TRENTON, NJ. October 26, 2024 (Hudson Latin Chamber) — The New Jersey Department of State’s Business Action Center has announced that it has been awarded $400,000 in federal funds for the State Trade Expansion Program (STEP) to support new-to-exporting businesses in underserved business communities.
The New Jersey Business Action Center (NJBAC) received funding for the New Jersey STEP (NJSTEP) program to provide financial awards to the companies on a first come, first served competitive basis. The program is funded in part through a grant with the U.S. Small Business Administration (SBA).
“This year’s NJSTEP program continues the support of New Jersey companies that are from underserved business communities selling internationally. This includes export resources to Minority, LGBTQ, Woman, and Veteran-owned businesses to develop better access to global markets,” says New Jersey Lieutenant Governor Tahesha Way, who oversees the work of the NJBAC in her capacity as Secretary of State. “NJSTEP will help these companies realize foreign sales opportunities, as well as grow jobs in the state.”
The state’s successful NJSTEP program has been awarded funding for eleven consecutive years. This year’s funding is focused on expanding the number of new-to-exporting businesses in underserved business communities. The program has previously assisted hundreds of businesses, leading to millions of dollars in export sales around the world. The STEP 9 (2021 – 2023) Grant produced over $55M in revenue and over 1,100 jobs in New Jersey.
“Selling into global markets is not only for large or established firms. We are encouraging New Jersey companies from underserved business communities to apply for a NJSTEP grant to support their exporting activities and grow New Jersey jobs,” said New Jersey Business Action Center Executive Director Melanie Willoughby.
The NJSTEP is administered by the NJBAC’s Office of Export Promotion, housed within the New Jersey Department of State. The application portal for the NJSTEP program opens October 1. To learn more, visit the organization’s website at nj.gov/state/bac or call 1-800-JERSEY-7.
ABOUT THE NEW JERSEY BUSINESS ACTION CENTER
The New Jersey Business Action Center (NJBAC), housed within the New Jersey Department of State and operating under the leadership of Executive Director Melanie Willoughby, is a business-first resource that offers no-cost, confidential assistance to help businesses grow. The team helps companies of all sizes save time and money by getting answers from government agencies, directing businesses to appropriate officials and contacts, and facilitating meetings and follow-ups from regulatory agencies. For further information, call 1-800-JERSEY-7, visit nj.gov/state/bac or visit business.nj.gov and click on the LiveCHAT.
ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION
The U.S. Small Business Administration (SBA) helps Americans start, build, and grow businesses. Created in 1953 as an independent agency of the federal government, the SBA aids, counsels, assists, and protects the interests of small business concerns, preserves free competitive enterprise and maintains and strengthens the overall economy of the country. To learn more visit www.sba.gov.
