Growing your business can be a struggle, but there are programs to make it easier for you and your business to succeed! Small and medium-sized Michigan companies looking to expand their business through exporting to new markets may be eligible for financial assistance through Michigan Economic Development Corporation’s (MEDC) State Trade Expansion Program (STEP). This guide will walk you through the general process of determining if your company is eligible, filling out the application, program guidelines and ultimately, saving your company money!
The Michigan State Trade Expansion Program encourages job creation in the state of Michigan by empowering small and medium-sized businesses to export their goods and services to new global markets. The program’s three primary objectives are to:
Is your company looking to increase its export sales? Or just beginning to export in general? Or is your company already exporting and looking for new markets? If you answered ‘Yes’ to any of these questions, let’s get started!
First, check to see if your business qualifies for the MI-STEP program. This step is easy (no pun intended)! You can either go online and review the eligibility requirements or contact your local International Trade Manager (ITM) or Regional Export Network (REN) host to find out. General eligibility requirements include:
Now that you have read the MI-STEP eligibility requirements, and think this would be a great opportunity for your business, simply submit an online intake form to get the process started. When filling out the intake form, don’t forget to mention how you heard about the program! Once you have submitted the intake form, an International Trade Manager will contact you to set up a meeting and go over any other additional information.
Good news for you, the maximum annual award amounts increased in 2018 from $12,000 to $15,000 per award year! (September 30, 2017, through September 29, 2018)
I do not know any boss on the face of the earth who would be disappointed with an employee coming to them and saying, “Boss, I can save our company $15,000.” You can be that employee!
This is the best part! MI-STEP funds can be used in a variety of ways for the benefit of your company’s export-marketing activities. Let me list the ways:
There are a few requirements your company needs to be mindful of when utilizing the MI-STEP program but they are well worth the investment. We have mentioned just a few of the requirements below.
First, to be sure the MI-STEP program is working to benefit the Michigan economy, companies are required to complete MEDC’s quarterly sales survey for two years, to track export activity results.
Second, eligible expenses must be approved in advance by the International Trade Manager (ITM). I forgot to mention the great thing about your friendly, ITM is that they will be helping you every step of the way!
Third, companies must submit the MI-STEP program grant application to the ITM at least 30 days prior to the export-related event or activity for which the funding is desired.
It is pertinent to mention that some activities have a maximum reimbursement amount that is set by SBA.
There are programs out there wanting your business to succeed globally and YOU can be your company’s money-saving, new-market expansion, export superhero! (All because you read this blog.) If you did not read this blog but have managed to end up here, then you are still in luck because here are all the important links and documents you need to begin your company’s Michigan State Trade Expansion Program (MI-STEP) journey:
