SBA awards MO $1M to increase small-business exports

The U.S. Small Business Administration has awarded Missouri more than $1 million in competitive funding to increase the number of small businesses that export products.

The $1.02 million in funding, provided through the State Trade and Export Promotion grant program - established by the Small Business Jobs Act of 2010 - is expected to create jobs and investment in Missouri, according to a news release from the governor's office.

“Missouri’s record-setting exports have been one of the highlights of our growing economy, and this award will further strengthen our state in this critical sector,” Gov. Jay Nixon said in the release, referring to a 2011 state record of $14.1 billion in export sales revenues.

Last month, Nixon said exports were $7.5 billion for the first two quarters of the year, a 6 percent increase compared to the same period in 2011. State officials are predicting roughly $15 billion in exports during the 2012 calendar year.

In 2011, Missouri received $977,742 in grant funding via the STEP program, allowing the state to assist 378 startups and small businesses get started in the exporting arena. The assistance led to Missouri companies exporting $22.3 million of the yearly total in goods, creating 114 jobs and retaining 175, according to the release.

Through the STEP program, Missouri businesses can receive funding to help increase exports, including participation in foreign trade missions and market sales trips; subscriptions to U.S. Department of Commerce services; services designed to translate foreign language websites; international marketing materials design; trade show exhibitions; and export and trade financing workshops.