SBA Wants To Give Small Businesses The World:
Exporting Helps U.S. Businesses Expand, Create Jobs
By Cassius Butts, Regional Administrator,
U.S. Small Business Administration
In today's global economy, selling around the world can produce large rewards. Demand for American goods and services is growing daily, so it makes good business sense to expand your prospective customer base to the more than 95% of the world's population that lives outside of the U.S. borders.
Small businesses now constitute 34% of total export dollars and comprise approximately 98% of all exporters. The U.S. Small Business Administration provides counseling, training and financing to ensure that small businesses have the tools needed to tap into the global market — and we are seeing results. Since 2009, SBA has guaranteed 6,400 loans to small business exporters for over $3.3 billion and supported more than $6.3 billion in exports.
The SBA and other Federal partners are all working toward the goal, set by President Obama through his National Export Initiative, to double exports by 2014. To help us reach that goal, the President recently signed trade agreements with Colombia, South Korea and Panama to expand export markets for American companies. Also, the President recently announced that the U.S. will be holding exporting talks with the European Union. This National Export Initiative benefits us because access to more markets means more customers, more sales and more jobs in the U.S.
According to the U.S. Department of Commerce’s International Trade Administration, here in Kentucky, export-supported jobs linked to manufacturing are approximately 6.2% of all Kentucky private-sector jobs, and over 22% of manufacturing workers depend on exports for their jobs in the Commonwealth. Exports sustain over 3,200 Kentucky businesses – 80% of which are small or medium-sized businesses with fewer than 500 employees.
U.S. Export Assistance Centers are a great resource for small business owner looking to export. The Export Assistance Centers provide help that small businesses need to compete in today's global marketplace. Kentucky is served by the U.S. Export Assistance Center in Atlanta, GA.
SBA has made it a priority to help small business exporters by providing loan programs designed to develop or expand export activities. SBA small business exporting loan programs include:
The Export Express Loan Program, which offers financing up to $500,000. It is the simplest export loan product offered by the SBA. A small business in operation for at least one year which can show that loan proceeds will support its export activity is eligible.
The Export Working Capital Program has financing up to $5 million as a credit enhancement. This program is delivered through SBA Senior International Credit Officers located in U.S. Export Assistance Centers.
The International Trade Loan Program provides loan financing for fixed assets and working capital to business owners who plan to start or continue exporting, or businesses that have been adversely affected by competition from imports.
If you already export goods or services and have used a federal government program or assistance to export, then consider entering the “2013 Export Video Contest.” Launched by SBA and Visa, this contest offers current small business exporters the opportunity to tell others the benefits of exporting and how government programs have helped. Winners can receive up to $10,000 in prize money from Visa. The entry deadline is April 5, 2013. Visit http://challenge.gov for details.
SBA and the federal government’s trade promotion and export finance agencies are ready to help U.S. businesses with exporting opportunities. Find crucial information for small businesses on how to meet the challenges of opportunities in the world economy at http://export.gov, or contact the SBA Kentucky District Office at 502-582-5971.
Free Webinar: Preparing for Spring Severe Weather
We have all witnessed the devastating effects Mother Nature can cause throughout the year. Now is the time to prepare for the threats posed by severe spring storms and floodwaters.
If your organization is affected by adverse weather conditions, how well will you be prepared to serve those who depend on you in their time of need? Join the SBA and co-sponsor Agility Recovery as we welcome Agility CEO Bob Boyd, who will share tips and best practices to mitigate the risks posed by spring weather conditions.
Title: Preparing for Spring Severe Weather
Date/Time: Tuesday, March 12th from 2:00 to 3:00 pm EDT
Registration Link: https://www1.gotomeeting.com/register/767622633
For more information, go to: www.PrepareMyBusiness.org.