This week marks the 10th Annual Global Entrepreneurship Week. In our increasingly interconnected global economy, it’s important for American small businesses to have the tools to compete on the world stage. Ninety six percent of the world’s population lives outside of the United States, which represents a huge portion of the world’s buying power.
With demand for high quality American-made products on the rise, we’re focused on making sure small businesses have the tools they need to take advantage of growth opportunities in foreign markets. The SBA’s Office of International Trade has taken a number of steps to ensure that our programs provide the right type of support for small businesses in a changing world market so they can meet that growing demand.
We know that some small business owners have an interest in exporting, but they don’t know where to start. And that’s why we’ve made international counseling more accessible. We’ve certified counselors throughout the Small Business Development Center network with the Certified Global Business Professional (CGBP) accreditation. We encourage you to visit your local SBDC if you’re ready to write your international business plan to take your company global.
Once ready to sell abroad, the SBA’s Office of International Trade offers financial assistance in two key forms: matching awards and guaranteed loans. The State Trade Expansion Program (STEP) just awarded $18 million in financial awards to support small business trade growth to states around the country in October 2017. With a STEP award, you can learn how to export, participate in foreign trade missions and trade shows, obtain services to support foreign market entry, develop websites to attract foreign buyers, and design international marketing products or campaigns.
SBA’s export loan programs also help small businesses and manufacturers export by funding their short-term export trade cycles; providing long-term financing for manufacturing expansion to meet export orders; and providing short-term financing to help companies connect with international buyers. Working together with the U.S. Department of Commerce, the Export-Import Bank, 21 trade finance specialists in U.S. Export Assistance Centers, and many additional private partners we are ready, willing and able to assist global entrepreneurs at every stage of growth.
The U.S. Small Business Administration stands ready to support America’s innovators and entrepreneurs so they can out-innovate, out-educate and out-build the rest of the world and compete in a 21st century global economy. Here at the SBA, we’re doing our part to help more Americans enter the middle class through entrepreneurship and foster an economy ripe with strong, growing small businesses meeting their potential to succeed.