As 2023 World Trade Month and Export Week commence, Governor Andy Beshear highlights Kentucky’s State Trade Expansion Program (STEP), which aids small businesses in obtaining funds and locating international customers. Export Week, a U.S. Commercial Service program, runs from May 1 to 5 and educates U.S. companies about market opportunities and trade skills. It is part of World Trade Month, which emphasizes the significance of exporting to the U.S. economy and encourages businesses to initiate or expand export efforts.
In 2022, Kentucky’s total exports to all countries exceeded $34.4 billion, representing a 16.5% increase compared to 2021. The state’s top five exports were aerospace products and parts, pharmaceuticals and medicines, motor vehicles, resin and synthetic rubber, fibers and filament, and computer equipment. Canada, Mexico, the United Kingdom, China, and France were the top five export destinations.
Kentucky’s growing international presence supports its recent economic momentum as the state recovers from the pandemic’s effects. Gov. Beshear noted, “Growing that international element of Kentucky’s economy while creating opportunities for our small- and medium-sized businesses is crucial for our long-term economic success.”
Since 2011, STEP has assisted thousands of small businesses in overcoming export obstacles by providing grants to cover costs associated with entering and expanding into international markets. The Kentucky STEP grant program is a collaboration between the U.S. Small Business Administration (SBA) and the Kentucky Cabinet for Economic Development, offering financial awards to help Kentucky small businesses with export development.
Monique Kuykendoll Quarterman, executive director of KY Innovation, said, “The STEP grant in Kentucky, offered in partnership with the U.S. Small Business Administration, has helped so many exceptional Kentucky companies to learn about exporting and to introduce their unique products to the world.”
Over 260 Kentucky small businesses have directly used STEP funds since 2011, receiving nearly $3 million in reimbursements. With applicants from 51 of Kentucky’s 120 counties, the goal is to have a STEP company in every county within five years.
Tyler Deeb, owner of Louisville-based Misc. Goods Co., praised the STEP grant for its instrumental role in helping his business thrive by funding participation in crucial trade shows and connecting with international customers and retail partners.
Kentucky’s international presence includes over 500 facilities employing nearly 115,000 people from 33 different countries. Since Gov. Beshear’s administration began, foreign direct investment (FDI) has contributed to over 170 new projects, totaling $13.5 billion in direct investment and creating over 15,600 full-time jobs.
For more information or to apply for STEP funding, visit kyexports (dot) com or email STEP Program Manager Mary NeCamp at mnecamp(at)ky.gov.
FINTECH: Navigating Challenges & Opportunities in Finance
