SYRACUSE- The SBA Syracuse District announces early success in recruiting private lenders to participate in the SBA Export Express loan guarantee program. Six local banks with headquarters in the 34-county district have executed an agreement to participate in the newly permanent program, creating additional points of access for small businesses interested in beginning or expanding their export activity. The new SBA Export Express lenders are: Community Bank, NBT Bank, Pathfinder Bank, Steuben Trust Company, The Adirondack Trust Company, and Tompkins Trust Company.
“In today’s marketplace your next customer and your competition could come from just about anywhere. That’s why in order for small businesses to grow and add jobs to this economy it is vital that we support them in expanding to new markets in other countries. By partnering with lenders we hope to provide the financial resources necessary to accomplish just that,” said SBA Syracuse District Director Bernard J. Paprocki.
SBA Export Express-
SBA Export Express offers flexibility and ease of use to both borrowers and lenders. It is the simplest export loan product offered by the SBA and allows participating lenders to use their own forms, procedures and analyses. The SBA provides an answer in 36 hours or less. Loans made through Export Express up to $350,000 have a 90 percent guaranty and loans between $350,000 and $500,000 have a 75 percent guaranty. Loan proceeds may be used for business purposes that will enhance a company’s export development. Export Express can take the form of a term loan or a revolving line of credit. As an example, proceeds can be used to fund participation in a foreign trade show, finance standby letters of credit, translate product literature for use in foreign markets, finance specific export orders, as well as to finance expansions, equipment purchases, and inventory or real estate acquisitions, etc. For more information on Export Express, please visit http://www.sba.gov/content/export-loan-programs#Export%20Express%20Program.
National Export Initiative-
President Obama has called for doubling the nation’s exports to support creating two million jobs in the next five years. Small business exporters are taking advantage of the world market and selling billions of dollars of goods and services overseas every year. In fact, 70% of all exporters have fewer than 20 employees. The SBA has taken target steps to strengthen its partnership with other federal agencies involved in international trade, creating new tools to help small businesses both begin exporting and grow their exports, and making loans to exporters more accessible. The National Export Initiative also called for the creation of a new Cabinet-level focus on exports, expanding export financing, prioritizing government advocacy on behalf of U.S. exporters, and providing new resources to U.S. businesses seeking to export. For more information on export services for small businesses or to find local counseling and technical assistance resources, please visit http://business.usa.gov/export.
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