SBA awards U.S. Virgins Step Grant
Revenue should strengthen Territory's relations with foreign markets
virginvoices.com staff
The U.S. Small Business Administration has awarded the Virgin Islands a State Trade and Export Promotion grant in the amount of $489,646. The STEP Grant Program is a three-year pilot trade and export initiative funded by federal grants and matching funds from the states.
U.S. Virgin Islands Governor John P. de Jongh, Jr. said this grant places the Virgin Islands in a key position to strengthen its relationships with foreign markets in our world’s economy. “Locally, this grant can also encourage the expansion of business activities which can spur job creation and investment. We are delighted that the Virgin Islands is a recipient of this award, and we embrace this opportunity to help our small businesses grow through trade and export activities, especially during this challenging economic climate.”
The STEP Grant is designed to help small businesses grow and create jobs, increase their exporting activities and raise the value of exports for those small businesses that are currently exporting their goods and services. In addition to helping small businesses, STEP Grants can complement the greater efforts to double the U.S. exports by 2015. All states, territories and the District of Columbia were eligible for the STEP Grant, and through a highly competitive process, successful applicants were awarded the STEP Grant. The territory is currently eligible to receive funding through this grant program.
The Virgin Islands Economic Development Authority (VIEDA) is the agency designated to manage this program in the territory. The VIEDA will utilize the funds to provide financial and technical assistance, and to enhance and develop training programs and workshops to assist small businesses in the Territory in exporting and marketing their products and services.
Chief Executive Officer of the V.I. Economic Development Authority Percival Clouden noted that after a very competitive application process, he was pleased that the territory became a recipient of the STEP Grant. “The Authority is appreciative of this award, and as the agency that is designated to manage this program, the VIEDA will utilize the resources of federal and local governments and the private sector to provide assistance for export promotion so that local small businesses can export their products and services.”
The STEP Grant Initiative is authorized to grant over the next three years up to $90 million in grants to states, $30 million each year beginning fiscal year 2011.
For more information about the State Trade and Export Promotion (STEP) Grant Program, visit sba.gov. To learn more about the VIEDA’s lending programs, call 340.714.1700 on St. Thomas or 340.773.6499 on St. Croix.
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