The U.S. Small Business Administration (SBA) backed more than $923 million in loans to exporters during the fiscal year 2012, it reported today.
Those loans supported $1.7 billion worth of small business exports, according to the SBA. The administration’s recently revamped International Trade Loan Program grew during the fiscal year, increasing its loans guaranteed by 106 percent and its dollar volume by 207 percent.
International Trade Loans aim to help small manufacturers expand facilities or buy equipment to make products that are sold internationally. They allow for direct international sales or indirect international sales through an export trading company or export management company. The SBA has been promoting an indirect export model that has companies use an export intermediary as well as other export-related services, training, and counseling.
In addition to the International Trade Loan Program, the SBA also runs loan programs for exporters known as the Export Express Program and Export Working Capital Program.
“Giving small businesses the tools they need to export their goods and services and create jobs is an important part of our core mission,” SBA Administrator Karen Mills said in a news release. “Exporting is creating opportunities for small businesses to create good-paying jobs and provide economic benefits to local communities nationwide.”
Contact Seltzer at rseltzer@cnybj.com