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When the President challenged the nation to double exports in five years, U.S. government agencies worked closely together to increase access to export financing and foreign market opportunities.
Under a new, multi-agency initiative, several federal agencies collaborated to combine their trade finance programs and export marketing services into a one-stop platform. U.S. Global Business Solutions, a new approach for assessing and meeting the business needs of small business exporters, will be piloted for six months beginning this week. A group of diverse lenders will test the program throughout the country.
Global Business Solutions will:
Reduce complexity for both exporters and lenders by packaging trade financing and marketing options from several agencies that seamlessly meet exporter needs;Streamline access to international experts, financial products, and business services for exporters;Establish a network of lending partners that are prepared and committed to meeting the financing needs of small business exporters.This new, ‘whole-of-government’ approach for meeting small business exporter needs is exciting for SBA, our sister agencies and our lending partners. We’re pleased to have such innovative partners in the lending community who have risen to the challenge to provide the export financing necessary for small businesses to succeed in the global marketplace.
Lenders are being trained in seven financial products and seven marketing services that will meet most small business exporters’ needs, with additional information on six other financing options for specialized needs. Together, six federal agencies are behind this initiative, including SBA, Export-Import Bank, Department of Commerce's Commercial Service, U.S. Trade and Development Agency, U.S. Department of Agriculture's Foreign Agriculture Service and Overseas Private Investment Corporation.
A full-scale rollout of the pilot is expected in early 2014. For more information on the U.S. Global Business Solutions initiative, please contact the SBA representative in your local U.S. Export Assistance Center.
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