Small Business Finance News
Small Businesses Could Boost U.S. Exports
Written by Jenna Weiner
Small businesses could play a big role in reaching new export goals for the U.S.
President Barack Obama wants the United States to double its exports over the next five years, and that could be important news for small business owners.
The Buffalo News reports that small businesses will play a major role in reaching this mark, citing the U.S. Small Business Administration's finding that 70 percent of companies that export have 20 or fewer employees.
There are plenty of opportunities for sales, the paper writes, but it's important that companies do proper research, learn how to finance, and know the risks involved.
Thomas P. Cummings, regional director of the Export-Import Bank of the United States, said that financing can often lead to a deal. "You have a lot of buyers who don't have enough money to buy a product and they need to finance, or buyers who do have money and don't want to spend it," he told the paper.
A recent report from the Chicago Tribune said that more small businesses are extending their reach by doing business internationally. The need for growth is substantial, though - the paper said that many small exporters have been unable to add new positions.
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