The U.S. House of Representatives recently passed legislation that would provide foreign trade assistance to small businesses.
The STEP Improvement Act would reauthorize the Small Business Administration’s State Trade Expansion Program for four years. In addition, the bill improves the program. Creating a standardized application process and collecting performance metrics, for example.
“As a representative of Philadelphia, where nearly half of the population is African American, I am especially interested in finding ways to support minority entrepreneurs,” said U.S. Rep. Dwight Evans (D-PA), a member of the House Small Business Committee who introduced the bill. “Many minority-owned small businesses have a competitive advantage in conducting international business due to their cultural connections, multi-language skills, and close ties to the importing countries. STEP helps minority entrepreneurs gain access to the international marketplace, which allows their businesses to grow and thrive.”
Nearly 15,000 companies exported goods from Pennsylvania in 2020, Evans said, and the majority, 88 percent, were small- and medium-sized businesses.
In fiscal year 2022, STEP awarded Pennsylvania a $400,000 grant.
The bill now moves to the Senate for consideration, and Evans is urging the chamber to pass it.
Evans’ Congressional district includes Northwest and West Philadelphia and parts of North, South, Southwest, and Center City Philadelphia.