This bill updates the State Trade Expansion Program (STEP), a Small Business Administration grant program that helps small businesses start or grow their export activities to overseas markets. It requires the SBA to make the grant process more predictable and transparent by setting firm annual deadlines for publishing funding information, accepting applications, and announcing awards, while also simplifying paperwork, limiting how often compliance audits can occur, and easing reporting burdens on states. The legislation establishes a new funding formula that guarantees states a minimum grant amount and distributes additional funds based on performance measures like export sales generated, new markets reached, and support for underserved businesses such as those owned by women or located in rural or low-income areas. It also expands the program to formally include U.S. territories and commonwealths like Puerto Rico, Guam, and the U.S. Virgin Islands, covering their full program costs. The bill reauthorizes funding for the program through fiscal year 2029 and requires SBA to conduct annual surveys of grant recipients and report back to Congress on program improvements within a year of enactment.
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