The Federal share of project cost for states that have high export volumes will be 65% and State matching funds required will be 35% of the sum of the Federal award.
High export volume was determined based upon U. S. Census Bureau export data by state.
This means that for every $1 of Federal
credit:
funds proposed, these Recipients must provide $.53846 in match.
For purposes of this Funding Opportunity Announcement, the high export volume States are:
Texas, California and Washington.
The Federal share of project cost for States that do not have high export volume will be 75% and State matching funds required will be 25% of the sum of the Federal award and Recipient match amount.
This means that for every $1 of Federal funds proposed, these Recipients must provide $.333333 in match.
If an insular area non-Federal entity is an agency or instrumentality of the area’s government, pursuant to 48 U.S.C.
§ 1469a, SBA will waive up to $200,000 of the matching funds required if a STEP award is made to American Samoa, Guam, the U. S. Virgin Islands, or the Commonwealth of Northern Mariana Islands.
If the insular area non-Federal entity is not an agency or instrumentality of the area’s government, the full matching funds requirement applies.
Matching funds must be comprised of not less than 50% cash and not more than 50% of indirect and in-kind contributions.
Matching funds may not be derived from any Federal program.
Non-Federal entity personnel salary and fringe proposed as match will be counted as cash.
Non-Federal entities may not use program income for the purpose of meeting their match.