SBA Increases Loans To Small-Biz Exporters
$923M In Loans Supported $1.7B In Small-Biz Exports
In a positive sign for the U.S. economy, Small Business Administration-backed (SBA) loans to export companies grew in the organization's fiscal 2012. The $923 million worth of loans supported $1.7 billion in small business exports.
"Giving small businesses the tools they need to export their goods and services and create jobs is an important part of our core mission," said SBA Administrator Karen Mills. "Exporting is creating opportunities for small businesses to create good-paying jobs and provide economic benefits to local communities nationwide."
SBA has recently revamped its International Trade Loan, which has seen an upsurge of 106% in loans guaranteed and 207% in dollar volume. The loan allows small manufacturers to expand their facilities or buy equipment to manufacture products sold internationally, either directly or indirectly through an Export Trading Company or an Export Management Company.
SBA has been promoting this "indirect export" model of using an export intermediary, along with other export-related services, training and counseling, through a series of export conferences and matchmaking events hosted by the SBA that began in 2010.
Since 2009, SBA has guaranteed 6,100 loans to small business exporters for over $3.1 billion, which supported more than $6 billion in exports.