Kentucky awarded $400,000 in federal funding to help small businesses

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Published: Sep. 21, 2022 at 12:29 PM EDT
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FRANKFORT, Ky. (WYMT) - Governor Andy Beshear announced continued support for small-business growth throughout the state on Wednesday.

The U.S. Small Business Association (SBA) awarded the commonwealth $400,000 in State Trade Expansion Funds (STEP) to help more companies export products.

“The STEP program has helped hundreds of Kentucky companies become exporters, which has boosted economic development across our state,” Gov. Beshear said. “We recognize that small and medium-size businesses are essential to the success of Kentucky’s economy. Gaining the resources to empower even more of our great companies to access international markets is a big win for Kentucky businesses, as well as the families and communities they support.”

Eligible businesses in the state may receive up to $10,000 in grant funding for the tenth year of the STEP program.

Since its inception in 2011, STEP has awarded more than $2.7 million to more than 230 businesses across the state.

The commonwealth is home to more than 360,000 small businesses that employ 716,000 people, representing approximately 99.3% of all companies in the state.

STEP is an SBA program administered in the commonwealth by the Kentucky Cabinet for Economic Development. Companies that meet the federally defined criteria of a small business and will export products that are at least 51% U.S. content could be eligible for a grant.

For more information, or to apply for STEP funding, you can click here.