September 03, 2014

Udall Announces Award to Increase New Mexico Small Business Exports

WASHINGTON - Today, U.S. Senator Tom Udall, who oversees the Small Business Administration (SBA) as chairman of the Senate Appropriations Financial Services and General Government Subcommittee, announced that the New Mexico Economic Development Department Division of International Trade has been selected for an award through the SBA's State Trade Export Promotion (STEP) Program to help small businesses enter and succeed in the international marketplace. The division will receive $197,500 in federal funding to help small businesses just beginning to export their products, and to help those businesses who already export expand their business. The funding will support the expansion of exports to Brazil, participation in international trade shows, and a trade mission to Mexico centered on the aviation, avionics and aerospace markets.

"Small businesses are the driving force behind job creation and economic growth in New Mexico, and simplifying the export process helps small businesses find new customers and develop in expanding markets," Udall said. "I'm working to ensure that New Mexico businesses have the resources to grow into new markets, and create good-paying jobs for hard-working New Mexicans."

The STEP Program is an export initiative administered by the SBA that makes matching-fund awards to states to support small businesses in the international marketplace. The state will match the award with $65,833, for a total award of $263,333. The STEP Program was authorized in the Small Business Jobs Act of 2010, which Udall supported to help small businesses create new jobs and expand their operations. This is the third round of funding awarded since the program's authorization. The program has produced strong results, with the previous round of awardees reporting a 19-1 return on investment of federally awarded funds.