small business
October 5, 2023
The New Jersey Business Action Center (NJBAC) was awarded $850,000 in federal funds for the New Jersey Trade Expansion Program (NJSTEP) to support businesses in underserved communities across the state.
NJBAC, a division of the Department of State, received NJSTEP funding to provide financial incentives to eligible small businesses entering export markets and to businesses already engaged in international trade. This program is funded by a grant from the U.S. Small Business Administration (SBA).
“We are thrilled to receive this significant grant, the third highest in the nation, for our state's trade expansion program,” said Lt. Gov. Tahesha Way. “This funding will help New Jersey businesses owned by minorities, LGBTQIA+, women, and veterans take advantage of new global opportunities, drive economic growth, and create new jobs in our state. ”
The state's successful NJSTEP program has been funded for 11 consecutive years and received the third-highest grant from the U.S. Small Business Administration this year. The program has helped hundreds of businesses across the state, leading to millions of dollars in export sales around the world.
“If you are a business owner who already recognizes the potential of the global market, or if you are an entrepreneur looking to expand your business globally and increase sales and profits, we encourage you to consider this opportunity. ” said Melanie Willoughby, executive director of the new company. Jersey Business Action Center.
Previous winners who have benefited from NJSTEP grants include Health Enhanced Foods, a specialty baking products company based in Rockaway; Among the other winners are Kekoa, a West Orange-based organic baby food brand that used his NJSTEP grant to showcase its products at his 2023 Fancy Food Show in New York City; Contains Foods.
“In our first year of operation, we established a connection with the New Jersey Business Action Center. Thanks to their grant assistance, we were able to upgrade the SEO features of our website to generate more views. “We've been able to reach more people,” said Danny Auld, co-founder and president of Kekoa Foods. “Financial support and guidance from NJBAC has played an integral role in our efforts to expand and improve our business presence in New Jersey.”
NJSTEP's financial awards can be applied to export-related activities, including trade missions sponsored by the Department of Commerce, participation in internationally focused trade shows, and fees for services provided by the U.S. Bureau of Commerce. Other activities covered include translation of websites and marketing materials into foreign languages, and export training workshops.
The New Jersey Trade Expansion Program (NJSTEP) is administered by NJBAC's Office of Export Promotion. For more information about the program and the competitive application process, visit the NJBAC website at nj.gov/state/bac or call 1-800-JERSEY-7.
For more business news, visit NJB News Now.
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