Small Business Export Related Loans Increase Under Jobs Act
Written by Ken Gaebler
The small business sector is set to benefit from SBA 7(a) export-related provisions of the September Jobs Act.
Small business news may be primarily concerned with local regions and communities. However, that doesn't mean some owners aren't taking their companies global.
In fact, the U.S. Small Business Administration recently announced that since the signing of September's Jobs Act, it has approved nearly $110 million in export-related loans to small businesses.
With the passage of the Jobs Act, SBA 7(a) export-related loan limits rose to $5 million. These loans are distributed through three different programs: Export Express, Export Working Capital Loan and International Trade Loan.
"The Jobs Act strengthened SBA's ability to provide assistance in both those areas by enhancing our export loan programs and also making counseling and technical assistance more accessible. Already, we're seeing these tools put to use by small businesses that are in a position to grow and create good-paying jobs in their communities," said SBA Administrator Karen Mills.
Businesses looking to expand and improve their operations may be able to take advantage of a new pilot program the SBA is introducing. The Small Business Teaming Pilot will award grants to national organizations to provide training and other resources to this sector.
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