LEXINGTON, Ky. (LEX 18) — More Kentucky products were shipped around the world in 2023 than in any other year on record, which means more money in the local economy.
The Commonwealth surpassed its single-year total with a staggering $40.2 billion in exports—a 16.6% increase over the previous year. To keep pushing those products into the global marketplace, a grant program is in place for small businesses to take a shot at the big leagues.
"This is for businesses in the growth stage in development and it helps them take the next step, it's an encouragement to test the waters," said Mary NeCamp, director of STEP.
STEP stands for the State Trade Expansion Program. The program reimburses small and mid-size businesses for travel, trade shows, marketing materials, and other avenues to get their products out of Kentucky.
"It's a big plus having these funds available via the STEP program," said Bud Renfroe, vice president of Everburn Manufacturing.
Everburn is a Lexington business of 31 years. They create products for the hearth industry, like noncombustible mantles, artificial logs, and brick panels. They're the largest supplier in the world; they ship to Canada and Europe and employ 175 people.
"Any funds that we can get to help us grow our business or to distribute more product, it allows us to keep more funds here, support our team members, which in turn supports or local community," said Renfroe.
The reimbursable amount is between $10,000-$15,0000. To qualify the export has to be 51% US content. The top three counties producing the most amount of exports in the state are Jefferson, Boone, and Fayette - in that order.
If you're interested in learning more about STEP, click here.
