Even Better Good Grant News - update December 2022
SBA’s STEP Grant Now Covers Export Credit Insurance Premiums - ExIm and private market such as Allianz, Atradius, Coface and FCIA
There has never been a better time to explore trade credit insurance. Contact me for a free, no obligation credit analysis of your buyers and a quote to insure them against protracted default (slow pay) and bankruptcy. And, let's find out if your premium can be considered for reimbursement under your state's STEP Grant.
SBA’s State Trade Expansion Program (STEP) Grant now includes reimbursement of fees associated with trade credit insurance as an eligible expense. To further increase flexibility in the STEP program, trade credit insurance premiums from private sector providers, and other related expenses such as foreign buyer credit reports, are now eligible for reimbursement.
Trade credit insurance provides an extremely valuable tool to small business exporters, allowing the business to determine buyer credit limits and approved terms for foreign buyers while also providing protection in the event of nonpayment. The addition of trade credit insurance premiums as an eligible use of STEP grant funds applies to all current STEP grant years.
The STEP grant program has helped thousands of small businesses obtain grants and find customers in the international marketplace since 2011. Managed at the national level by the U.S. Small Business Administration’s Office of International Trade, STEP provides financial awards to state and territory governments to assist small businesses with export development. Through awards to U.S. states and territories, STEP helps small businesses overcome obstacles to exporting by providing grants on a first come, first served basis to cover costs associated with entering and expanding into international markets.
Qualifications & Eligible Usage
STEP grants can be used by qualifying manufacturers, distributors, and service providers that are SBA-defined small businesses.
STEP grants, traditionally used to fund training workshops, trade missions, international marketing campaigns, and more, can now be applied to Export Credit Insurance premiums - ExIm and private markets.
STEP grants are available on a first come, first served basis. To view a complete list of the U.S. state and territory grant administrators and obtain more information, click here.
This is a descriptive summary to be used only as a general introductory reference tool. Individual state requirements may apply to premium reimbursements including the maximum allowable reimbursement. State eligibility is subject to change. Please contact your U.S. state or territory grant administrator for official information.