SMITHFIELD – The John H. Chafee Center for International Business at Bryant University received $374,002 in federal funds from the Small Business Administration for the center’s State Trade Expansion Program, the SBA announced last week.
The federal funds were matched by the state, which funded $124,667 to the STEP program, bringing the program grant total to $498,669. The fiscal year 2018 program runs from Sept. 30 through Sept. 29, 2019.
Nationally, the SBA provided $18 million in federal funds to STEP programs.
STEP is a program designed to meet three goals: to increase the number of small businesses that export, to increase the value of exports for small businesses and to increase the number of small businesses that explore significant new trade opportunities.
To be eligible, businesses must meet the SBA definition of a small business, must be operating in the United States, registered in Rhode Island and have been in business for more than a year. Businesses must be engaged, or wish to be engaged in the delivery of goods or services internationally, and must also have sufficient resources to bear the costs associated with trade, including packing, shipping, freight forwarding and customs brokers, among other requirements regarding financing, export projections and return on investment.
“Bryant University is pleased to be the recipient of the federal STEP award for the seventh straight year,” stated Bryant University President Ronald Machtley. “Through our Chafee Center for International Business, Bryant plays a significant role in the Rhode Island business community, providing valuable services to support global trade for businesses and supporting the experiential learning experiences for students in our International Business degree program. Bryant is proud to have recently been recognized in the top 25 schools nationally for its international business program, and our students are a key part of the services and programs offered through the Chafee Center.”
Businesses seeking to apply to the STEP program at the John H. Chafee Center for International Business should contact the center to receive enrollment forms. Companies must certify that they meet the eligibility requirements for the STEP program and complete a STEP business profile.
Requests for approval are reviewed by a selection committee.
Companies are eligible for a maximum total of $20,000 in STEP grants each. A company is allowed a maximum of 10 awards total under the program.
The center noted travel expenses such as airfare, hotels and meals are not eligible for STEP reimbursement.
Business activities eligible for STEP funding:
- Rhode Island sponsored international trade events
- U.S. Department of Commerce programs
- Design of international marketing media
- Web translation, search engine optimization and foreign-market localization
- A foreign or domestic international trade show exhibit
- International training programs
- Procurement of consultancy service
- Export initiatives
Interested businesses should contact Linda Woulfe, John H. Chafee Center for International Business assistant director and STEP project director, at lwoulfe@Bryant.edu or at (401) 232-6525.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
