As a public servant committed to supporting the growth of U.S. small businesses in the global marketplace, I recognize and truly appreciate the importance of manufacturing to our country’s economic prosperity. Manufacturing Day -- October 4th -- is an opportunity to celebrate manufacturers and their workers.
In honor of Manufacturing Day, please join me October 3rd, 2 p.m. EDT for a virtual roundtable with successful manufacturers that have experienced global market success. Hear their strategies for success, including how they have used SBA, EXIM Bank, and the U.S. Department of Commerce services to support global sales growth.
The U.S. Small Business Administration (SBA) is proud that our export promotion programs and services have helped support this growth. SBA offers three distinct export finance programs for export development, export working capital, and expanding export capacity. For fiscal year 2018, the total dollar value of SBA guaranteed export loans to manufacturers was $236 million, supporting $567 million of export sales. For example:
- SBA’s Exporter of the Year EarthQuaker Devices tapped into a State Trade Expansion Program (STEP) grant to increase global sales of their guitar effects pedals. Last year STEP supported small businesses, largely manufacturers, reported export sales of nearly $557 million.
- Florida manufacturer CellAntenna Corporation tapped SBA, Commerce, and EXIM resources to support their global expansion. Their story was highlighted in a World Trade Month Webinar this past May, and I encourage you to listen and learn more.
Exporting is an important path for manufacturer growth. Over the past 28 years, U.S.-manufactured goods exports have quadrupled. In 2017 and 2018, U.S.-manufactured goods exports were up 4.7% and 5.6% respectively. According to our friends at the National Association of Manufacturers (NAM), manufacturing employs more than 12.8 million men and women, contributes $2.38 trillion to the U.S. economy annually, has the largest economic multiplier of any major sector, and accounts for more than three-quarters of private-sector research and development.
Check out these and other Manufacturing Notes at https://www.nam.org/facts-about-manufacturing/.
Thank you, U.S. manufacturers, for your hard work and keeping the economy growing and country strong. Happy Manufacturing Day 2019!
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