U.S. Senator Jeanne Shaheen, Chair of the U.S. Senate Committee on Small Business and Entrepreneurship (SBC), welcomed U.S. Small Business Administration (SBA) Administrator Isabel Casillas Guzman to Rochester and Exeter, New Hampshire. The purpose of their visit was to highlight the impact of the State Trade Expansion Program (STEP) and to kick off the SBA's Season of Small Business tour.
At MADCO3D in Rochester, Chair Shaheen and Administrator Guzman observed firsthand the positive effects of STEP, a program that supports American small businesses in competing internationally. Chair Shaheen expressed her appreciation for the program, saying, "STEP provides entrepreneurs with increased access and resources to compete internationally, grow their businesses and support their local communities."
The Season of Small Business tour continued in Exeter, where the duo participated in a walking tour of small businesses. The aim was to encourage people to shop small during the holiday season. This SBA-led campaign, which will last throughout December, seeks to drive Americans to support small businesses during this crucial time. Chair Shaheen emphasized the importance of this campaign, stating, "Together, we will continue working to ensure small businesses receive the necessary resources to help our local communities prosper."
STEP was initially established as a pilot program in 2010, thanks to Chair Shaheen's efforts. It was fully authorized by her small business trade amendment in 2016. Since its inception, STEP has awarded $235.5 million in grants and directly supported over 13,000 small businesses in international expansion and export growth. In 2022, every $1 in STEP funding resulted in $43 in U.S. export sales, demonstrating an impressive 43:1 return on investment (ROI).
The most recent STEP annual report reveals that New Hampshire, with the help of its FY 2020 STEP grant, funded 65 small businesses, including 28 New to Export firms and 37 Market Expansion firms. The state achieved an ROI of 46:1, surpassing the national average.
In September 2023, the SBA announced the distribution of $20 million in grants to 49 state and territory international trade agencies across the country. New Hampshire's Office of International Commerce received the largest STEP grant the state has ever received, amounting to $444,366.
The visit by Administrator Guzman and Chair Shaheen to Rochester and Exeter showcased the significance of programs like STEP in supporting small businesses and fostering economic growth. By continuing to provide resources and opportunities for entrepreneurs, the SBA aims to ensure the prosperity of local communities across the nation.
Pictures and video from the tour are available upon request.
Source: [Senate Committee on Small Business and Entrepreneurship](https://www.sbc.senate.gov/public/index.cfm/2023/12/shaheen-welcomes-sba-administrator-guzman-to-the-granite-state-for-a-tour-of-small-businesses)
Click this link to access more information: https://www.sbc.senate.gov/public/index.cfm/pressreleases?ID=1E3E7291-D3CD-4B67-B000-0489A2C615D8
