“Expand Your Business Horizons This World Trade Month”
Did you know that small businesses dominate the export market? According to a recent report from the SBA’s Office of Advocacy, an impressive 97% of exporting businesses are classified as small. Additionally, international sales opportunities are vast, with about three-quarters of the world’s purchasing power located outside the U.S. This data comes from the U.S. Department of Commerce’s International Trade Administration.
When considering the potential benefits, it’s clear why small businesses that export experience numerous advantages, such as:
– Increased profits
– Broader economic presence
– Faster growth rates
– More employment opportunities
– Reduced reliance on a single market
The main takeaway is that small businesses engaging in exports tend to outperform their non-exporting counterparts. With May being World Trade Month, it’s the perfect time to explore various SBA resources and programs designed to help you expand your small business globally.
**SBA Office of International Trade (OIT):** This office is the starting point for small businesses looking to export. It collaborates with other federal agencies to provide tools, services, advocacy, and counseling. You can find more information on their website.
**Export Finance Managers:** These managers assist small businesses in securing the capital needed for exporting. Last year, the SBA guaranteed $495 million in financing to small business exporters, resulting in over $1.3 billion in export sales. You can connect directly with export finance managers in your region.
**U.S. Export Assistance Centers (USEACs):** Spread across various locations, USEACs educate entrepreneurs about the exporting process, and finding a center near you is straightforward.
**State Trade Expansion Program (STEP):** This program has enabled thousands of small businesses to access grants, identify international customers, learn about exporting, create international marketing materials, and participate in export trade shows and training workshops.
U.S. exports play a crucial role in the nation’s economy. If you’re considering taking your business global, visit sba.gov/international for more information.
