Guam - The Guam Economic Development Authority's two-year application for funding under the Small Business Administration's State Trade and Export Promotion Grant has been approved. GEDA will receive $227,445 in STEP Grant funding to assist local businesses enter into the exporting of their goods and services or expand the dollar amount of businesses already engaged in exporting.
GEDA had received up to $135,927 last year.
GEDA meanwhile plans to incorporate the STEP Grant funding into an integrated program, which includes the Guam Product Seal Program and the next phase of the Buy Local movement. Additionally, the STEP Grant allows for travel to trade shows in conjunction with the Guam Visitors Bureau in an effort to development both tourism markets and potential business opportunities for the exporting of Guam-based goods and services.
The funding follows GEDA's first Guam Export Trade Show, held this past weekend.