Congresswoman Madeleine Z. Bordallo today announced that the U.S. Small Business Administration has awarded the Guam Economic Development Authority (GEDA) $227,445 through the State Trade and Export Promotion (STEP) grant program to promote small business exports. GEDA will work in conjunction with the Guam Visitor’s Bureau, the Guam Hotel and Restaurant Association and the Guam Chamber of Commerce to implement this program.

 

The STEP program was established through the Small Business Jobs Act to increase the number of small businesses that want to export and the value of exports for small businesses that currently export. The Small Business Jobs Act provided $60 million for the STEP Program for use over a two-year period. STEP services are locally designed to meet the specific international trade development needs of state and local small business communities; therefore, they vary from state to state.  In general, services include support for participation in foreign trade missions, foreign market sales trips, subscription to services provided by the Department of Commerce, website translation fees, design of international marketing media, trade show exhibitions, and participation in training workshops. 

 

“The funds received today will benefit small businesses on Guam by promoting the expansion of exporting opportunities,” said Congresswoman Bordallo. “In particular, this grant will help small businesses develop tourism in new markets and learn more about product development for ‘Made on Guam’ goods. Supporting small businesses is essential to growing our local economy and creating jobs, and I look forward to seeing these funds being utilized on Guam.”