U.S. Small Business Administration Awards MDA Funding
Jackson, Mississippi — Oct. 7, 2015 — The U.S. Small Business Administration has awarded Mississippi Development Authority funding for the Mississippi State Trade and Export Promotion Program. The STEP Program allows MDA to provide financial and technical assistance to small- and medium-sized Mississippi companies interested in growing their business through trade. Administered by MDA’s Trade Bureau, the program helps reduce some of the financial obstacles qualifying businesses face when identifying export opportunities.
“I appreciate the U.S. Small Business Administration for once again awarding MDA funding for the State Trade and Export Program. Exporting is a major component of our state’s economy, and it also generates economic opportunities for Mississippi businesses and creates jobs here at home,” Governor Phil Bryant said. “The STEP program allows the state’s new-to-export companies and existing exporters to explore new trade opportunities on a global scale while significantly alleviating some of the financial and logistical stresses that occur when pursuing export opportunities.”
Each year, more than 130 Mississippi businesses participate in STEP-sponsored business development missions, business-to-business matchmaking events and trade shows. Last year, the success of those events resulted in more than $225 million in sales for Mississippi businesses in 53 markets worldwide.
The Mississippi STEP Program helps offset certain costs related to participating in trade missions and other international business development activities. The program reimburses eligible businesses up to 50 percent of their travel costs, including airfare and lodging, and it provides translation services at no cost. Additional services may include pre-arranged appointments with prospective qualified buyers, local transportation assistance and a customized trip itinerary.