New Mexico’s State Trade Expansion Program, known as STEP, is now accepting applications for its 13th funding cycle. Economic Development New Mexico announced the opening on September 10. This news is significant for Sandoval County companies aiming to sell beyond U.S. borders. The New Mexico Step Grant covers costs tied to foreign trade show booths, international market research, website localization, and product registration abroad. These expenses often keep small exporters from entering international markets due to the upfront cash outlay.
The numbers behind the program support its importance. Companies that received New Mexico STEP grant funding in the last cycle, from October 2023 through September 2025, reported over $1 million in combined export sales. The state distributed $200,000 among 29 companies. Notably, over a third of these businesses were outside the Albuquerque metro area, and more than 20 percent were rural. Sixteen companies achieved new export sales directly linked to the grant. Furthermore, over 80 percent reported improved international brand recognition. These companies also retained 146 jobs and added 16 more. EDNM Secretary Rob Black described STEP as one of the state’s best tools for helping small businesses compete globally, and the retention and job creation figures indicate the program is doing more than just subsidizing trade show travel.
Many businesses are looking to take advantage of the New Mexico Step Grant to expand their reach and reduce the barriers to entering international markets.
What This Means for Sandoval County and Rio Rancho
Rio Rancho’s manufacturing and advanced technology base, anchored by Intel’s local operations and a growing cluster of aerospace and defense suppliers, includes a meaningful number of small and mid-sized companies that already sell into supply chains with international reach. STEP is built for exactly this kind of company: one that has a product ready to sell but lacks the working capital to test a new market without help. A $5,000 or $10,000 STEP award can cover a trade mission or a foreign product certification that would otherwise sit on a wish list for years.
This is where the financial dynamics shift for a growing business. Entering a new export market typically involves upfront costs before any revenue is seen. These costs include translation work, compliance paperwork, freight, and travel expenses for meeting buyers. This initial spending competes with other priorities, such as hiring or paying down debt. STEP mitigates this risk. It converts a portion of fixed export costs into reimbursed expenses, enhancing capital efficiency for businesses without dedicated corporate finance teams. For companies managing tight margins on domestic sales, such cost-sharing can determine whether to test a new market.
Additionally, there’s a geographical advantage to consider. Sandoval County is conveniently located near rail, interstate, and air freight corridors that connect to Mexico, and from there, to broader Latin American and global distribution networks. A local manufacturer using STEP funds to attend a trade mission in Mexico City or to research a European distributor faces fewer transport delays than companies in less connected regions. Shorter and more predictable supply chains facilitate the fulfillment of export orders generated by STEP-funded trips, which is often a challenge for first-time sellers.
Why This Matters Beyond One Grant Cycle
Since 2021, STEP has been managed by the New Mexico Trade Alliance on behalf of the state. The program’s structure rewards proactive companies, emphasizing readiness over perfect paperwork. This is an encouraging signal for Sandoval County’s economic development strategy. Programs like STEP are most effective when paired with a local business community that already has export-capable products that need a bridge to their first sale. As Sandoval County attracts more advanced manufacturing and technology companies, a state-funded on-ramp to international markets serves as a practical retention tool, complementing growth efforts. Companies that successfully engage in overseas sales diversify their revenue streams, enhancing their resilience against downturns in any single domestic market.
Applications for STEP 13 will open on October 1, 2026. Businesses interested in more information can attend a free orientation webinar hosted by the New Mexico Trade Alliance on September 24 at 1 p.m. For Sandoval County companies considering whether an international market is worth the investment, this cycle presents a lower-risk opportunity to explore.
Data Sources
New Mexico Step Grant
- Economic Development New Mexico, “Applications open for New Mexico’s STEP grant program,” September 10, 2026: https://edd.newmexico.gov/press-releases/applications-open-for-new-mexicos-step-grant-program/
- New Mexico Trade Alliance, STEP Grant Program information: https://www.nmtradealliance.org/nm-step-grant
