STEP Financial Assistance Awards
Are you a Maine-based small business?
Have you been in business at least 1 year?
Are you seeking new international sales?
If you answered “yes” to the three questions above, keep reading to learn how a STEP Financial Assistance Award could be part of a winning strategy for export growth.
Overview
First Application Window: November 18 – December 13, 2024
Activity Period for Projects: February 1 – June 30, 2025
Award Notifications: January 15, 2025
Award Amounts: $5,000 minimum to $10,000 maximum
STEP Financial Assistance Awards will be determined through a competitive review process that will consider several factors including strength and detail of project description, company location, and past funding received under this program.
Awards are reimbursements, which means that you must cover 100% of activity costs up front.
There is a 25% match required from your company, and the reimbursement payment covers 75% of eligible activity costs.
For example, in order to receive a $5,000 minimum reimbursement payment, you would need to submit at least $6,700 in paid invoices or similar required documentation for eligible expenses on the project.
Companies must apply for the STEP Financial Assistance Award in advance. Funds may not be used to pay for costs incurred prior to October 1, 2024. Funds may not be used to pay for activities completed prior to the award notification date. After a company receives notification of a STEP Financial Assistance Award, the company must conduct the project activity within the timeframe stated in the application window.
Guidelines
Please read the Guidelines for complete information on:
- Eligibility
- Application Process
- Funding Categories & Eligible Expenses
- Application Review & Scoring
- Reimbursement Requirements & Timeline
FAQs
The online application usually takes between 15 to 20 minutes to complete. In addition to basic information about your company, you will need to provide a detailed description of the proposed activity, targeted countries, total estimated cost, and how you plan to build export capacity from the activity. We recommend you contact a MITC Trade Specialist before submitting an application to discuss your project.
No. STEP Financial Assistance Awards are reimbursements, which means that you must cover 100% of activity costs up front.
Yes. There is a 25% match required from your company, and the reimbursement payment covers 75% of eligible activity costs.
In the online application, you must specify at least one country that is being targeted with the activity.
When in doubt, ask MITC
If you have an idea to expand your export sales and are not sure the activity would be covered under this program, please contact us before submitting an application. We want to hear from you.
Are you ready to apply?
To complete a STEP Financial Assistance Award application, you will need to provide the following information:
- brief project name (e.g., B2B Matchmaking, Seafood Expo Global 2025, Export Compliance Audit)
- description of the proposed activity
- top target countries (up to 4)
- start and end dates
- estimated total cost
- how you plan to build export capacity from the activity
The first step is to create an account in the MITC funding portal. It’s quick and easy. Setting up your company account on this portal will allow you to create, save, and submit applications, as well as invite other members of your team to participate.
The link to the funding portal will be provided when the Application Window is open.
Funded in part through a grant with the U.S. Small Business Administration
The State Trade Expansion Program (STEP) grant initiative of the U.S. Small Business Administration provides funding to increase the number of businesses that export. Administered by Maine International Trade Center (MITC), the objective of the STEP Financial Assistance Award is to encourage Maine companies to seek new international sales through financial support for costs associated with such export growth activities.