Chafee Center for International Business receives $427,950 grant to help local firms expand globally
SMITHFIELD, RI. – The U.S. Small Business Administration (SBA) has awarded the John H. Chaffee Center for International Business at Bryant University a $427,950 grant through the competitive State Trade Expansion Program (STEP).
Bryant's Chafee Center helps companies expand their global footprint and make significant contributions to economic development.
SBA's STEP program is part of the Obama Administration’s National Export Initiative to improve the conditions that directly affect the private sector’s ability to export, remove trade barriers abroad, help firms of all sizes overcome hurdles to entering new markets, and assist with financing.
The John H. Chafee Center for International Business assists more than 200 companies each year with global market research, corporate training, and strategic consulting. STEP funds will be used provide opportunities for small businesses to meet foreign buyers in person at trade shows or on trade missions. The STEP program complements the SBA’s Export Loan Programs, which can help finance the working capital needed to complete export orders as well as the expansion of production facilities as export demand increases. Loans up to $5 million are available.
“We are grateful for the SBA's continued support of Bryant's innovative programs," said Bryant President Ronald K. Machtley. “The STEP grant allows Bryant’s expert faculty, students, and staff at the University's Chafee Center for International Business to work with Rhode Island companies to expand their global footprint and make significant contributions to economic development.”