As the largest economy and top exporter and importer globally, trade is crucial for America’s prosperity. Small and medium-sized U.S. businesses lead the way, making up nearly 98 percent of the roughly 300,000 companies that export. Recognizing the rapid growth and changes in this sector, May is celebrated as World Trade Month.
World Trade Month honors businesses that export goods and services worldwide, highlighting the opportunities trade offers to companies of all sizes. It also serves to educate the public on the importance of global trade. Established in 1935 by President Franklin Delano Roosevelt, World Trade Week occurs during the third week of May and is recognized annually by presidential proclamation. For over 80 years, this acknowledgment has consistently emphasized the vital role of global trade in any nation’s economic development.
The U.S. Small Business Administration (SBA) plays a key role by offering resources that help small businesses enter the global market. The SBA’s export loan programs provide the necessary financing for U.S. small businesses to sell their goods and services internationally. Last year, the SBA set a new record in export finance by guaranteeing over $1.5 billion in loans to small business exporters, which supported over $3.3 billion in export sales.
The State Trade Expansion Program (STEP) offers financial assistance to small businesses through state government awards. In the first three years of funding, states reported nearly $1.5 billion in sales supported by STEP. Additionally, the SBA collaborates with the U.S. Commercial Service and the Export-Import Bank of the United States, providing a unified, one-stop approach to export expansion through 21 U.S. Export Assistance Centers across the country.
World Trade Month is a valuable time to acknowledge how trade strengthens our economy and supports business growth. Even after this month concludes, the SBA, along with its partners, remains committed to assisting American small businesses looking to expand through trade.
