Small Business Finance News
Programs Help Small Businesses Tap International Markets
Written by Jenna Weiner
Export-Import Bank programs proving successful in encouraging small businesses to trade overseas.
Weak domestic consumer spending has been bad news for small business lately, and overseas sales are one remedy some companies are pursuing. Yesterday, the Export-Import Bank of the United States announced Serverlift, an Arizona-based manufacturer of lifts for data center servers, has become the 1,000th new customer of its Global Access for Small Business program.
Ex-Im Bank said that with Serverlift's purchase of a $250,000 Express Insurance policy covering transactions with Ireland and Turkey, the bank is 20 percent of the way to achieving its goal of 5,000 new small business customers by 2015. Also by that date, the bank hopes to approve $30 billion in small business transactions.
These goals are in line with the broader National Export Initiative's objective of doubling U.S. exports in the next four years. Programs like Global Access for Small Business, which offers special financing and insurance packages to small businesses, have been implemented to meet this deadline.
Ex-Im Bank's programs have attracted much interest in the small business community. So far this year, more than 2,000 small business owners have attended 16 public forums related to the Global Access program.
Earlier this month, the Small Business Administration launched a new online tool to help small businesses design and launch export business plans.
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