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Legislation Could Bolster SMB International Trade
Written by Jenna Weiner
Proposed legislation could help American SMBs expand overseas exports.
It may be good news for small business owners looking to expand overseas that the Administration has proposed legislation that will help them accomplish this goal. U.S. Senate Committee on Small Business and Entrepreneurship ranking member Olympia J. Snowe and chair Mary L. Landrieu recently introduced bipartisan measures to strengthen and improve support for American entrepreneurs seeking opportunities to compete in the international market.
The proposed Small Business Export Enhancement and International Trade Act and the Small Business Trade Representation Act will give small businesses access to resources and tools needed to expand current export businesses and explore new export opportunities in emerging markets.
Provisions of the acts include raising the maximum amount of International Trade Loan or Export Working Capital, increasing maximum Export Express program loans to $500,000, and creating a State Trade and Export Promotion Grant Program to increase the number of American SMBs that export.
Moreover, the Small Business Trade Representation Act would establish an Assistant United States Trade Representative for Small Business; Snowe says this would "help ensure American small businesses are at the forefront of trade policy considerations."
These provisions have the potential to help SMB owners and the American economy; the Wall Street Journal reports that current policies put U.S. SMB exports at a competitive disadvantage that is costly for American entrepreneurs.
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