Small Business Should Look to Exporting
Are you looking to grow your business? (Who isn't?) Have you considered exporting? If not, you probably should, as 95% of your potential customers live outside the United States, USA Today reports.
As the American economy has struggled over the past few years, small business exporting is increasing as companies go global in order to compete. Looking to the future, small business and exporting world trade is almost certain to become increasingly important to the health and strength of the US economy and businesses.
President Obama created the National Export Initiative, by an Executive Order in 2010. Under the order, the National Export Initiative was created to improve conditions that directly affect the private sector's ability to export. President Obama's goal with respect to the NEI is the doubling of exports over the next five years by removing trade barriers abroad and helping small businesses overcome the hurdles of getting into the exporting market.
Under the initiative, the maximum loan amount available to small business exporting loan assistance was raised to $5 million from $2 million.
The NEI also has a number of additional issues that it seeks to address:
- Exports by Small and Medium-Sized Enterprises
- Federal Export Assistance
- Trade Missions
- Commercial Advocacy
- Increasing Export Credit
- Macroeconomic Rebalancing
- Reducing Barriers to Trade
- Export Promotion of Services
Add it all up and it's good news for you and your business. Now you know that the world is your oyster and there are organizations ready and willing to help you expand. So get out there and grab it!
Related Resources:
- SMALL BUSINESSES LOOK NEAR AND FAR (Santa Ynez Valley Journal)
- Foreign Trade Restrictions (FindLaw)
- Opportunities In Importing and Exporting (FindLaw)