Danotek, a developer and manufacturer of permanent magnet generators and full power converter systems for the global wind energy market, says it has been approved for funding from Michigan's new State Trade Export Promotion (STEP) program.
Funded by the U.S. Small Business Administration and administered by the Michigan Economic Development Corp. (MEDC), the program is designed to increase the number of Michigan companies that export, and to introduce current exporters to new foreign markets and buyers.
This three-year pilot trade and export initiative was authorized by the Small Business Jobs Act of 2010 and offers matching grants for states to assist eligible businesses to expand their global exports.
The STEP program aligns with President Obama's National Export Initiative, which calls for doubling U.S. exports in five years. The program provides federal government funding for 65% to 75% of program costs, with states supplying the remainder.
As a qualified Tier 2 company, Danotek's approval is for one year, although the program can be extended for up to three years.