MITC awarded $345K in federal funds to help small businesses expand globally
Courtesy Maine Department of Transportation
The Maine International Trade Center has been awarded $345,000 in competitive federal funding to help the state's small businesses become bigger exporters. The award was from the U.S. Small Business Administration's State Trade Expansion Program.
The Maine International Trade Center has been awarded $345,000 in competitive federal funding to help the state’s small businesses become bigger exporters.
The award from the U.S. Small Business Administration’s State Trade Expansion Program, announced in a news release Wednesday, will provide grants for Maine businesses to participate in international trade shows or to use business “matchmaking” services in identifying foreign trade partners. Businesses can also use the grants to develop exporting skills or hire global marketing consultants.
Through the program, eligible businesses may receive reimbursement of up to $10,500 per year for these activities.
Maine’s STEP award is one of 47 made for 2018-19 to state-level trade agencies, totaling $18 million nationally. Awards ranged in size from $150,000 to $800,000.
Last year, Maine received $195,000 in STEP funding.
Since the federal program’s start seven years ago, it has provided roughly $138 million in funding to support export growth by small businesses.
The Maine International Trade Center, based in Portland, is a public-private organization that helps the state’s business enter and expand global markets for their products and services.
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