State Trade Expansion Program Modernization Act of 2024

The State Trade Expansion Program Modernization Act of 2024 modernizes the Small Business Administration's STEP program, which helps small businesses expand their exports. The bill streamlines application processes, establishes predictable deadlines, allows for carryover of unused funds, and creates a new funding formula that prioritizes support for underserved businesses including women-owned firms and those in rural or low-income areas. It requires states to report on program outcomes using specific performance metrics related to new export markets and business types. The bill also mandates annual surveys of program participants and detailed congressional reporting on program effectiveness. These changes aim to make the program more efficient, transparent, and accessible to small businesses that have historically been underrepresented in international trade.