On October 26, 2024, the U.S. Small Business Administration (SBA) awarded $525,000 to the Hawaiʻi Department of Business, Economic Development and Tourism (DBEDT) for the Hawaiʻi State Trade Expansion Program (HiSTEP) [cf3686ea]. DBEDT Director James Kunane Tokioka expressed gratitude for the support, highlighting the program's crucial role in helping local businesses compete on a global scale.
HiSTEP has a proven track record, having assisted over 1,600 companies and generating an estimated $258 million in economic impact while supporting approximately 1,400 local jobs [cf3686ea]. The program consists of three main components: the Export Readiness Program, Company Assistance, and Go Global, all designed to bolster the export capabilities of Hawaiian businesses.
Over the past 12 years, HiSTEP has received a total of $6.9 million in SBA grants, which have facilitated an average of $13 million in new export sales annually and contributed $10.8 million in state taxes [cf3686ea]. This investment aligns with similar initiatives across the United States, including Kentucky's State Trade Expansion Program (STEP), which recently announced $400,000 in funding to support small businesses in expanding their global presence [70f49d59].
Both programs reflect a broader commitment by the SBA to empower small businesses, enabling them to thrive in increasingly competitive international markets. As small businesses in Hawaiʻi and Kentucky look to expand their reach, these funding opportunities present valuable resources for enhancing their international presence and capitalizing on the growing global economy [70f49d59].