STEP Changes That You’ll Love
The Michigan State Trade Expansion Program (MI-STEP) helps eligible businesses increase their reach in international markets by providing financial assistance to offset the cost of export-related activities. On September 22, changes to the program were approved by the Michigan Strategic Fund (MSF) that will open additional access to financial assistance, facilitating more opportunities for international business development.
Changes to MI-STEP include:
- An increase in the maximum grant reimbursement from 50 percent of eligible activities to 75 percent, maintaining the annual cap of $15,000 per company.
- Additional eligible activities allowed under the program, including e-commerce and compliance testing, as well as an increased annual cap of $10,000 on website expenses.
- The launch of MEDC’s new Project Portal, with simpler and more user-friendly STEP application and reimbursement processes.
MEDC’s MI Project Exception Program (MI-PEP), which provides export assistance to companies that do not meet SBA’s small business requirements, also received MSF approval of additional eligible activities and an increase in the maximum grant reimbursement amount from 50 percent to 75 percent.