NJ announces $ 1.25 million in funding to expand small business exporting

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New Jersey Business Action Center to allocate funds to companies looking to sell internationally

The New Jersey State Department’s Business Action Center has received $ 1.25 million in federal funds for the State’s Business Development Program (STEP) to support companies looking to export goods.

The New Jersey Business Action Center (NJBAC) received funding for the New Jersey STEP (NJSTEP) program to provide financial rewards on a first-come, first-served basis to qualifying New Jersey small businesses that are new to exporting. , as well as those companies that currently sell their goods and services to other countries. The program is funded in part by a grant from the US Small Business Administration (SBA).

“The goal of the program is to provide New Jersey businesses with the resources and knowledge to be successful as they enter the global marketplace,” said New Jersey Secretary of State Tahesha Way. “This year’s funding increase will allow NJBAC to help other companies realize export opportunities and we look forward to seeing how this impacts the state’s economy.

The state’s successful NJSTEP program has received funding for nine consecutive years. This year’s funding is the largest in the history of the program, having increased by 25% from 2020. The program has already helped hundreds of businesses, driving millions of dollars in export sales in the world. world.

“If your business has already realized the potential of a global market, or if an entrepreneur is looking to increase sales and profits by taking your business worldwide, we encourage you to apply for an NJSTEP grant,” said the New Jersey Business Action Center. Executive Director Melanie Willoughby.

During the COVID-19 pandemic, new opportunities under the NJSTEP program have emerged. The online activities expanded the comprehensive export promotion activities for beneficiaries, including the translation of websites, product literature and catalogs. This contrasts with the previous reliance of NJSTEP recipients on trade fairs and traditional missions for export promotion.

Previous recipients of the STEP grant include GY Highland Biotech LLC, a medical equipment supplier that researches and manufactures in vitro and cancer diagnostics. The company received an NJ STEP award for the translation of its website into Italian, French, Spanish, German, Chinese, Japanese and Portuguese.

Other winners include Silver Defender, which makes antimicrobial films that cover a wide variety of highly tactile surfaces. The company received an NJ STEP award for an international billboard aimed at reaching buyers in the UK.

The NJ STEP is administered by the New Jersey Business Action Center (NJBAC) Export Promotion Office, both housed within the New Jersey State Department. The application portal for the NJSTEP program opens on October 1. For more information, visit the organization’s website at nj.gov/state/bac or dial 1 800 JERSEY-7.

To access more business news, visit NJB News Now.

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