30 Nevada businesses get $150K in SBA funding for international trade | nnbw.com

30 Nevada businesses get $150K in SBA funding for international trade

NNBW staff report

CARSON CITY, Nev. — The Nevada Governor’s Office of Economic Development recently awarded $150,000 in federal grants to 30 Nevada small businesses for international trade purposes. 

“Small businesses are the backbone of Nevada’s economy and supporting their expansion into foreign markets will help them grow,” Gov. Steve Sisolak said in a statement. “The stronger our small businesses are, the stronger Nevada’s economy will be as a whole.”

According to a July 21 press release, GOED approved the applications for the funding through the U.S. Small Business Administration’s competitive State Trade Expansion Program (STEP), the goal of which is to increase the number of Nevada exporters and increase export sales.

Earlier this year, GOED awarded $204,000 to 38 small businesses in a separate round of funding through the STEP grant program. 

This new round of funding means each of the 30 Nevada business receive $5,000. Some of the businesses include: Dynamic Sports Group, HR Global Consulting, Ioterra, Jojo’s Jerky, Nevada Nanotech Systems,Omega Pacific Trading and Rank Quantum, to name a few.

“Benefits of exporting for Nevada small businesses are increased competitiveness, increased sales, higher profits, lower costs, reduced vulnerability and extending the product life cycle,” Michael Brown, GOED executive director, said in a statement. “Exports lead to domestic production. Domestic production requires domestic labor which leads to an increase in employment in our state.

“There have been more than 50,000 jobs created by exports in Nevada last year.”

Per the July 21 press, since the introduction of the STEP program in 2011, nearly $1.6 million has been awarded to Nevada to execute STEP activities supporting small businesses in their export promotion.

The project has reportedly led to Nevada small businesses generating $4.6 million in export sales, significantly exceeding projected return on investment.