Loans Supported $1.7 billion in Exports in FY2012
WASHINGTON, Oct. 22, 2012 /PRNewswire-USNewswire/ -- SBA-backed loans to exporters continued to grow in FY2012, reaching more than $923 million, which 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 percent in loans guaranteed and 207 percent 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 is 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. As part of that series, the SBA, the Federal Reserve Bank of St. Louis, and the National Small Business Association today jointly sponsored an Export Matchmaker Trade Fair – Missouri Edition. More than 150 business representatives from 16 states and four countries registered to participate, with half of the attendees from the St. Louis metropolitan area.
The event today featured workshops on international trade topics that will help small business owners learn how to export, expand their operations and create jobs. A matchmaking trade show helped small business manufacturers match up with Export Management Companies and Export Trading Companies specializing in exporting U.S. goods and services.
Since 2009, SBA has guaranteed 6,100 loans to small business exporters for over $3.1 billion and supported more than $6 billion in exports.
For more information about the SBA, its international trade programs and services and future export matchmaker events, visit www.sba.gov/OIT.
Contact: David J. Hall (202) 205-6697
Internet Address: http://www.sba.gov/news
Release Number: 12-45
SOURCE U.S. Small Business Administration