NASHVILLE, Tenn. (Oct. 22, 2024) —The U.S. Small Business Administration announced that the Tennessee Export Initiative at Belmont University will receive a $100,000 grant to support export growth among small businesses through SBA’s competitive State Trade Expansion Program (STEP). This award is part of $20 million in STEP grants awarded nationally in 2024, bringing the total funds awarded since the program’s inception to $255 million. The Tennessee Export Initiative, supported by Belmont University’s Thomas W. Beasley Center for Free Enterprise, will use this grant to foster international trade opportunities for Tennessee businesses.
STEP, created by the Small Business Jobs Act of 2010, aims to help small businesses enter and expand into international markets. This program allows eligible Tennessee small businesses to apply for up to $7,000 in reimbursement for export activities during the project year (Oct. 2024-Sept. 2025). The SBA funds this grant, with matching support from the Tennessee District Export Council, a nonprofit organization of international business executives, promotes export opportunities for Tennessee companies and facilitates communication between the business community and the U.S. Commercial Service.
“This is an exciting opportunity both for small businesses throughout the state of Tennessee and for Belmont University. These grants have the potential to propel many small, entrepreneurial Tennessee companies into global trade at a time when international markets are driving growth around the world,” said Dr. Jeff Overby, director of the Tennessee Export Initiative and professor of international business & marketing. “We expect this initiative to draw on faculty expertise and engage Belmont students through internships, case studies and international trade education. We are proud to administer these funds to help Tennessee small businesses thrive.”
International trade represents nearly 58% of the world’s $80 trillion economy — and 95% of the world’s consumers are located outside the United States, presenting an enormous opportunity for U.S. small business to grow revenue and boost local economies. In fact, 97% of U.S. businesses that export are classified as small.
“The TN District Export Council recognizes the leadership of Belmont University to administer this program for the benefit of small businesses throughout the State of Tennessee – including businesses in underserved communities,” said Paul Bonovich, chair, Tennessee District Export Council. “TDEC is excited about its collaboration with Belmont University and its other international partners throughout the state – including the US Department of Commerce, the Small Business Development Centers, and chambers of commerce around the state.
STEP financial support helps U.S. small businesses:
- Learn to export
- Participate in foreign trade missions
- Design international marketing products and campaigns
- Support website globalization and e-commerce capabilities
- Pay for subscriptions to services provided by federal agencies
- Obtain trade credit insurance
- Participate in export trade show exhibits and training workshops
Since its creation in 2010 as part of the Small Business Jobs Act, the STEP program has awarded $235.5 million in grants and directly supported over 13,000 small businesses’ international expansion and export growth. According to the SBA, every $1 in STEP funding yielded $43 in export sales in 2022.
How to Apply
Applications for the program are open. Selection of companies will be first-come-first-served, based on pre-approval of their Tennessee STEP application and export expansion plan. Any Tennessee small business as defined under SBA guidelines is eligible to apply. To access the application and other information on the STEP program, visit the Tennessee Export Initiative website at belmont.edu/step-tn.
About the Tennessee Export Initiative
The Tennessee Export Initiative at Belmont University officially administers STEP Tennessee. The Thomas W. Beasley Center for Free Enterprise in Belmont’s Jack C. Massey College of Business provides support for TEI. The Initiative also works closely with other Engagement Centers and academic departments within the Massey College of Business to prepare students for success in the ever-changing global business marketplace.
Contact Dr. Jeffrey Overby, Tennessee Export Initiative director, with questions or for more information at TEI@belmont.edu.
About Belmont University
Located near the heart of thriving Nashville, Tennessee, Belmont University consists of nearly 9,000 students who come from every state and 33 countries. The University is nationally recognized for its innovative approach as well as its commitment to undergraduate teaching (U.S. News & World Report). As a Christ-centered, student-focused community, Belmont’s mission is to develop diverse leaders of purpose, character and wisdom who possess a transformational mindset and are eager and equipped to make the world a better place. With more than 115 areas of undergraduate study, 41 master’s programs and five doctoral degrees, Belmont University aims to be the leading Christ-centered university in the world, producing leaders who will radically champion the pursuit of life abundant for all people. For more information, visit http://www.belmont.edu.
