The New Jersey Department of State's Business Action Center has announced the allocation of $400,000 in federal funds for the State Trade Expansion Program (STEP). This funding aims to support businesses new to exporting within underserved communities.
The New Jersey Business Action Center (NJBAC) will distribute financial awards through the New Jersey STEP (NJSTEP) program. These awards are available on a first-come, first-served competitive basis and are partially funded by a grant from the U.S. Small Business Administration (SBA).
New Jersey Lieutenant Governor Tahesha Way stated, "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." She added that NJSTEP would help these companies explore foreign sales opportunities and contribute to job growth in the state.
The NJSTEP program has received funding for eleven consecutive years. The current focus is on increasing the number of new-to-exporting businesses in underserved communities. Previously, this initiative has supported hundreds of businesses and generated millions in export sales globally. The STEP 9 Grant (2021 – 2023) resulted in over $55 million in revenue and more than 1,100 jobs in New Jersey.
Melanie Willoughby, Executive Director of the New Jersey Business Action Center, emphasized that exporting is not limited to 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," she said.
Administered by the NJBAC's Office of Export Promotion within the New Jersey Department of State, applications for the NJSTEP program opened on October 1. More information can be found on their website at nj.gov/state/bac or by calling 1-800-JERSEY-7.
The NJBAC provides no-cost assistance to help businesses grow by offering guidance from government agencies and facilitating meetings with regulatory bodies. For further details, contact them at 1-800-JERSEY-7 or visit their website.
