The Export-Import Bank of the United States plans to increase small business loans to $6 billion a year this year and $9 billion a year by 2015 as part of the Obama administration’s plan to double exports by 2015. Although the Ex-Im Bank typically supports large companies, the bank is doubling its support for small businesses in the hopes of creating more jobs. “We can’t grow our economy without growing export sales and we can’t grow our export sales without small businesses,” said Ex-Im Bank President Fred Hochberg.
According to the Wall Street Journal, small-business exports have grown by 80% since 2003 to $500 billion in annual sales, but still only make up 30% of total U.S. export revenue. The Ex-Im Bank initiative presents a powerful opportunity for small business owners looking to enter the field.
Related articles
- How to Incorporate a Business (rocketlawyer.com)
- How to Start an Import/Export Business (entrepreneur.com)
- National Export Initiative (export.gov)
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