SBA awards $250,000 grant for Colorado economic development

The U.S. Small Business Administration has made a more than $250,000 grant to the Colorado Office of Economic Development and International Trade, together with the Colorado Department of Agriculture, to promote new trade missions supporting the state’s small businesses.

Known as the STEP grants (State Trade and Export Promotion), they will fund eight Colorado trade missions that connect small businesses to international business opportunities across several trade categories.

“Exposing and enabling our business community to broader markets is unbelievably important to the local economy, given the billions of new dollars, job retention and creation these exports bring to Colorado.” said Stephanie Copeland, executive director of the Office of Economic Development. “The STEP program is a key enabler for many of our small businesses to reach these markets.”

The trade missions range from specialty and fine-foods shows and beverage expos in London, Miami and Chicago, to the Mobile World Congress in Barcelona, Spain, to a medical-products trade show in Düsseldorf, Germany, and the Green Products Expo in Mexico City.

Colorado’s state trade expansion program focuses on educating small businesses on the basics of exporting, training them to participate in group trade missions to trade shows and international sales trips, and developing websites and international marketing campaigns.

Small businesses interested in participating should contact the Colorado Office of Economic Development and International Trade.

Last year, Colorado’s STEP award program helped Colorado small businesses participate in trade shows in Munich, Germany; Mexico City and Sao Paulo, Brazil. SBM has awarded 44 grants nationwide this year, totaling $18 million, to fund international small-business development activities.