Today, 98 percent of American companies that export are small businesses, but more than half of our exporters are only selling to one foreign market, usually Canada or Mexico. The U.S. Small Business Administration is here to help more entrepreneurs reach new markets for their goods and services.
Trade agreements are critical to helping level the playing field for our nation’s small business exporters, because they have fewer resources to overcome trade barriers and gain market access than larger companies
Increases in U.S. exports have generated nearly one-third of our overall economic growth and supported 1.6 million new jobs. Last year, the U.S. exported a record $2.3 trillion of goods and services, an all-time high. One out of every five American jobs is tied to exports. These jobs generally pay better, nearly 20 percent better.
SBA has supported $6.6 billion in small business export financing. We guarantee 90 percent of export loans (working capital, line of credit, or fixed-asset financing) on amounts up to $5 million. We also have an expedited approval process on export loans under a half-million dollars.
With two-thirds of the world’s purchasing power residing outside the U.S., the SBA is acutely aware that trade agreements play an important role in the long-term success of America’s small businesses, and SBA is working to help small business owners across the country grow their businesses in this global economy.
Through its network of trade finance specialists located in U.S. Export Assistance Centers throughout the country, SBA provides training and consultation services on trade financing and U.S. government export programs to both lenders and small businesses.
For example, KuKuRuZa popcorn company elevated their small business through the SBA Small Business Development Center’s Export Readiness Center. Through their assistance, KuKuRuZa was able to open franchise locations in Japan, Saudi Arabia, Egypt and South Korea.
If you’re an entrepreneur looking to expand your customer base, there’s never been a better time to think globally. Explore www.sba.gov/exporting to learn how take your company international today.