The New Mexico Economic Development Department (EDD) recently announced a new grant received from the U.S. Small Business Administration under the STEP program. This initiative aims to support small businesses in New Mexico in expanding their international market reach.
According to a press release, the EDD outlines that New Mexico companies that meet specific criteria, including state registration, U.S. content requirements, at least one year in operation, and fewer than 500 employees, have the opportunity to apply for grants of up to $7,500 through the SBA's State Trade Expansion Program (STEP) 11 Grant. These grants are designed to support various international trade-related activities and are offered on a reimbursable basis. The funding amount varies depending on the specific service or activity.
“International trade is one of nine target industry sectors identified by Gov. Michelle Lujan Grisham to grow and diversify the state’s economy. STEP grants provide an opportunity to accomplish that, one business at a time, while also increasing global awareness of New Mexico as a great location for business,” EDD Deputy Secretary Jon Clark said in the press release.
The NM STEP Grant, which has been supporting small businesses in their efforts to enter new markets and boost exports for over a decade, is opening applications on October 16, 2023. These grants, not loans, are designed to reimburse eligible international business development activities, ultimately contributing to increased exports, export value, and job opportunities. The New Mexico Trade Alliance serves as the state's partner in administering the NM STEP Grant, and companies interested in applying are encouraged to initiate the process by scheduling a consultation to explore program details, assess export readiness, brainstorm eligible STEP activities, and discover additional New Mexico export resources. The application forms will be accessible to companies after the consultation.