The New Jersey Department of State’s Business Action Center (NJBAC) has received federal funding to provide $1.25 million in grant awards to local businesses seeking to expand into global markets, according to New Jersey Business Magazine.
The New Jersey STEP (NJSTEP) program will provide financial awards on a first-come, first-served competitive basis to New Jersey small businesses that are seeking to export their goods and services internationally or businesses that already market goods and services to other countries.
"The goal of the program is to provide N.J. companies with the resources and the knowledge needed to succeed when entering the global marketplace," New Jersey Secretary of State Tahesha Way said, according to NJ Business. "This year’s increase in funding will allow the NJBAC to help additional companies realize export opportunities and we look forward to seeing how this will impact the state’s economy."
During the COVID-19 pandemic, new avenues for the NJSTEP program emerged, especially online. NJSTEP recipients had traditionally relied on trade shows and missions for export promotion.
The program is funded in part through a grant with the U.S. Small Business Administration (SBA). Funding for the program has been awarded for nine straight years and this year's windfall is the largest in the program's history.