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It’s been six months since Hurricane Sandy struck the East Coast and signs of recovery are emerging. Businesses are reopening, homeowners are rebuilding and communities are rebounding. I’m proud to say that the SBA, together with our federal partners, stepped-up to provide assistance to those affected by Sandy. SBA has approved more than 34,000 disaster loan applications for a dollar total of $2.2 billion – making Hurricane Sandy the third largest natural disaster in terms of SBA disaster lending in U...
NOTE: This blog is by Cassius Butts, SBA Regional Administrator Being a supplier to a large business is a game changer. But, we know that small businesses often lack the capital, skills and access to market opportunities to be effective suppliers. We want to change that! That’s why the U.S. Small Business Administration (SBA) launched the American Supplier Initiative, a federal government-wide initiative designed to increase government and commercial supply chain opportunities for small firms. This is important...
Federal contracting with small businesses is a win-win. Every year, the U.S. government awards nearly $100 billion in federal contracts to small businesses, allowing these businesses to grow their revenues and create jobs right here at home. Meanwhile, the federal government gets the chance to work with some of the most responsive, innovative and nimble companies in the United States. During the first three years of the Obama Administration, the federal government awarded $286.3 billion in federal contract dollars to small...
Plug In to the Global Economy: How Technology Impacts Trade How does technology impact international trade? And how can it help your small business? This year’s 40th Annual World Trade Day on Thursday, May 16, 2013 gives businesses the chance to ask just that and to discover how recent innovations in technology can facilitate their operations and bolster their bottom line. From supply-chain management to social media marketing and team collaboration, there are a multitude of new technology tools that allow small businesses to do...
Going green isn’t just good for the environment—it can be great for your business as well! Companies known for proactive environmental policies often find that their reputation as a green business allows them to better attract and retain high quality employees, improve community relations, and strengthen customer loyalty. This Earth Day, the U.S. Small Business Administration (SBA) is here to help you learn how to “green your business” and work toward creating a cleaner, healthier environment for our communities and for...
Entrepreneurs over the age of 50 are one of the fastest growing groups of new business owners. For age 50+ individuals, also known as encore entrepreneurs, starting a small business offers an opportunity to use your knowledge and experience gained during your career toward creating a new business that can be rewarding in many ways. If you’re ready to embark on your journey to become an entrepreneur or want to learn how you can grow your existing business, now is a great time to explore your options and SBA is here to...
When the President challenged the nation to double exports in five years, U.S. government agencies started working more closely together to make it easier for businesses to access foreign market opportunities and for lenders to provide the financing that exporters need. Under a new, multi-agency initiative, several federal agencies are collaborating to combine their trade financing programs and export marketing services into a one-stop platform: U.S. Global Business Solutions, a new approach for assessing and meeting the business needs...
Have you considered the potential for selling your products or services outside the U.S.? Your local Small Business Development Center (SBDC), an SBA resource partner, can help you get started. The many international trade services offered by individual SBDCs vary, but most often include: Product/Service Readiness: Determine if your products or services are suitable for export, and what product adaptations may be required. Export Readiness: Learn if your company meets the key export readiness factors or, what you need...
As I covered in my pervious blog, How to Get Paid for Your Export Sales, each of the four international methods of payments which include cash-in-advance, letter-of-credit, documentary collections and open account can have an impact on your company’s financing needs when filling overseas orders. Those needs can be broken down into either pre-shipment or post-shipment working capital. Pre-Shipment: If you receive a purchase order from a foreign buyer, you will have a pre-shipment working capital need (the funds to hire labor,...
Ultimately, any sale is a gift until you get paid. However, understanding how to get paid for an export sale is especially important, since your buyer could be 10,000 miles away. There are four common ways to get paid for an international order. From the most, to the least, secure method of payment for the exporter, these are: 1. Cash-in-advance- New exporters frequently request this method. Their attitude typically is, “I don’t know you very well, but if you send me the money I’ll send you...
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by James Rivera, SBA Official on Friday, April 26, 2013 - 17:07