Vermont small businesses will get some help from the federal government to increase their exports.
The Small Business Administration announced Friday that it is providing Vermont a $300,000 grant through the SBA’s State Trade Expansion Program, or STEP, an initiative to increase the number of small businesses that export goods and services.
The state is kicking in another $100,000 for a total of $400,000.
2010, the SBA has provided Vermont with more than $2 million in STEP grants.
“Each year the state is awarded a STEP grant, it’s another year affording small businesses the opportunity to show the world what great products Vermont has,” said Darcy Carter, SBA Vermont District Director.
The Department of Economic Development, a division of the Vermont Agency of Commerce and Community Development oversees and manages the STEP grant.
Goods exported from Vermont topped $2.8 billion in 2017, according to the International Trade Administration, which reports that more than 11,700 U.S. jobs are supported by goods exported from Vermont — 97 percent of them in manufacturing.
The state’s largest exporting markets are Canada, Hong Kong, China, Korea and Malaysia. Computer and electronic products account for 77 percent of all goods exported from Vermont.