STEP Improvement Act of 2023 This bill reauthorizes through FY2028 the Small Business Administration's (SBA) State Trade Expansion Program, which provides foreign trade assistance to small businesses, and it revises provisions related to the administration of the program. Specifically, the SBA must establish a time frame for, and provide certain information related to, the application process, and it must conduct an annual survey to solicit feedback on the program. The SBA must collect data on certain performance metrics such as the (1) total number of small businesses assisted by the program, (2) total dollar amount of export sales by participating small businesses, and (3) number of small businesses that have created new jobs through their participation in the program. The bill also requires applicants for participation to include a budget plan that outlines their intended use of funds awarded under the program.
If enacted, SB77 will impact small business operations across the United States by providing them with access to critical resources needed for scaling their businesses and increasing their export capabilities. The reauthorization will allow small businesses to receive support in navigating foreign markets, ultimately aiding in job creation and economic productivity. It will also require the SBA to collect and report more detailed performance metrics about the trading activities of these businesses, which will enhance transparency and accountability within the program's framework.
SB77, titled the ‘STEP Improvement Act of 2023’, aims to reauthorize and enhance the Small Business Administration's (SBA) State Trade Expansion Program until fiscal year 2028. This program is designed to provide foreign trade assistance to small businesses, thereby facilitating their expansion into international markets. The bill proposes several revisions to improve the administrative aspects of the program including mandating the SBA to establish a clear timeline for the application process, outlining budget plans, and soliciting feedback through annual surveys. This structure is intended to streamline and optimize the program's effectiveness for participating businesses.
While there is a general consensus on the need for small business assistance in trade, stakeholders may have varying opinions about the revisions proposed in SB77. Critics might express concerns about the implementation of stricter guidelines and the feasibility of compliance for smaller businesses, particularly regarding the detailed budget proposals and the clarity of the application process. Others may argue that while the intent of the bill is commendable, the additional administrative burdens could unintentionally deter some small businesses from participating.
One of the noteworthy aspects of SB77 is its focus on inclusivity by requiring data collection on socially and economically disadvantaged small business concerns. This inclusion aims to ensure that diverse business owners have enhanced access to trade resources. Additionally, the bill's emphasis on providing actionable feedback for both successful and unsuccessful grant applicants indicates a commitment to continual improvement of the program, which may foster greater participation rates and support the development of best practices for future participants.