The New Mexico Economic Development Department’s Office of International Trade was awarded a grant of $188,000 under the Small Business Administration, State Trade and Export Program (STEP) to assist New Mexico companies with funding to grow their companies by marketing their products overseas.
Funds from the grant are currently being used to pay for booth space on behalf of New Mexico companies at major international trade shows. Grant funds may also be used for booth space in domestic trade shows that attract a large number of foreign buyers that are scheduled to receive international buyer delegations sponsored by the US Department of Commerce.
STEP Grant Funding Uses:
STEP grant funding can be used to pay for interpreters and local transportation to meetings on behalf of New Mexico companies participating in overseas trade missions organized by the Economic Development Department. The grant can also be used to pay for the US Department of Commerce, Gold Key Service (GKS), an organized matchmaking service that arranges appointments with pre-screened, pre-qualified buyers in major market areas around the world.
Eligibility
In order to qualify and be considered for funding under the SBA STEP Grant, New Mexico companies must meet the following criteria:
1. Be a company domiciled or manufacturing and paying taxes in New Mexico
2. Fulfill the requirements set by the US Small Business Administration to qualify as an “eligible small business”
3. Have at least a one year business operating history and must be currently operating at a profit
4. At least 51 percent of the product to be exported must be of US content even if you utilize imported components
5. Have an Export Plan to promote and market your products abroad
*All inquiries are kept strictly confidential, but companies are encouraged to share their international marketing success stories in order to monitor program results. Any information will be maintained in strict confidence with the Economic Development Department and the Small Business Administration STEP Grant administrators.
How to Get Started
Qualified New Mexico companies are encouraged to contact Edward R. Herrera at the Economic Development by e-mail edward.herrera@state.nm.us or by telephone at 505-827-0315 to discuss and define their international marketing plans along with their specific requests for assistance.
For information on international trade events visit www.goNM.biz for a complete calendar listing of international trade shows and trade missions.
Companies are advised to plan in advance in order to secure exhibit space as well as to allow adequate time to process registration and payment. New Mexico is the only state that pays for international trade show services directly.
