A $550,000 federal grant has been awarded to the Maryland Department of Commerce to broaden the state’s global reach and help companies create jobs and access new foreign markets.

Administered by the U.S. Small Business Administration (SBA), the State Trade Expansion Program (STEP) helps small businesses and entrepreneurs succeed with export-related activities, like attending overseas trade shows, participating in international delegations, and funding other global marketing expenses. According to the SBA, for every $1 in STEP funding last year, businesses benefited from $27 in export sales.

The state of Maryland was one of 43 state and territory international trade agencies to receive STEP funding from the SBA. This is the 12th time the Commerce department has received this specific grant to enhance its international efforts.

“With 95% of the world’s consumers based outside of the United States, our small businesses need access to markets abroad to grow and create good jobs in America. Through SBA’s STEP funding to states, small businesses can get grants to export to new markets and grow their revenues through marketing, trade missions and more,” said SBA Administrator Isabel Casillas Guzman.

Back in July, Commerce announced it had supported more than 100 small and mid-sized Maryland companies with ExportMD grants during fiscal year 2024. The program, known for providing matching grants of up to $5,000 to help local companies market their goods and services to global customers, is supported in part by the SBA’s STEP program, which has allowed the department to quadruple the number of companies it has funded annually over the past decade.

To learn more about the ExportMD program, visit the Commerce website.