The Wyoming Business Council (WBC), alongside 42 other states, was recently awarded $175,000 in State Trade Expansion Program (STEP) grant funds for the upcoming fiscal year to support small business exports for the state of Wyoming. The funding, provided by the U.S. Small Business Administration (SBA), is designed to support market expansion and new-to-export activities for small businesses through international trade show exhibitions, trade missions, and sales trips.
Individual STEP awards are managed at the local level by state government organizations such as the WBC. Beginning Sept. 30, 2024, Wyoming businesses can utilize these funds in two ways:
- Companies may qualify for discounted or complimentary trade show booth space at SHOT Show (January 2025 in Las Vegas, NV) or IWA Outdoor Classics (February/March 2025 in Nuremberg, Germany), both of which offer exposure to export markets.
- Companies may apply for up to two STEP Grants per year to exhibit at export-specific trade shows of their choice, participate in international trade missions, or execute international sales trips. STEP Grants are reimbursement grants; applications are due at least 45 days before the trade event is scheduled to take place and reimbursement will be issued after the trade event. These grants cover 75 percent of eligible expenses up to $5,000.
“STEP funds have been a great resource for Wyoming companies looking to reduce the risk associated with reaching export markets,” explained Kaley Holyfield, WBC Business Retention and Expansion Manager. “We’ve seen companies diversify their customer base by pursuing export markets through a variety of large-scale shows like the Great British Shooting Show, Food Taipei, Outdoor by ISPO, and the European Society for Biomaterials Commercial Exhibition.”
Companies interested in using STEP funding should first confirm they can meet the eligibility criteria, including being a business organized or incorporated in Wyoming for not less than one year plus proving a physical presence in Wyoming. Registered agents do not qualify.