Federal Agencies Launch Initiative to Increase Small Business Exports
Six federal agencies will participate in a new initiative that seeks to add 50,000 small businesses to the U.S. exporter base by 2017, according to an April 3 press release from the Export-Import Bank. The pilot program, known as U.S. Global Business Solutions, will also aim to increase by 250 the number of financial institutions and service providers that facilitate exports by December 2015.
The press release states that the new initiative, which is currently in development, will combine federal trade finance programs and products into a single menu of options that will be tailored to the stage of the exporter’s development and the capacity of the financial institution or service provider. This should make it easier and more cost-effective for exporters to use the programs and products of the participating agencies, which along with Ex-Im will include the Small Business Administration, the Department of Agriculture, the International Trade Administration, the U.S. Trade and Development Agency and the Overseas Private Investment Corporation.