Did you know that the export market is dominated by small businesses? In fact, a recent report from the SBA’s Office of Advocacy found that a staggering 97% of businesses that export are classified as small. Statistics also show that international sales opportunities abound, with roughly three-quarters of the world’s purchasing power existing outside of U.S. borders — this according to the U.S. Department of Commerce’s International Trade Administration.
When you consider the upside, it’s no wonder small businesses that export reap the following benefits overall:
- Increased bottom lines
- Expanded economic footprints
- Growth at higher rates
- More employees
- Less dependence on a single market
The key takeaway is simple: Small businesses that export outperform those that don’t. May is World Trade Month and a great opportunity to explore the following SBA resources and programs to help you take your small business global.
- SBA Office of International Trade (OIT): It all starts at the SBA’s Office of International Trade. In collaboration with other federal government agencies, OIT provides tools, services, advocacy, and counseling. Visit OIT’s website for more information
- Export Finance Managers: SBA export finance managers help you secure the capital to meet your exporting needs. Last year alone, the SBA guaranteed $495 million in financing to small business exporters, which supported more than $1.3 billion in export sales. You can speak directly with a small business exporter in your area.
- U.S. Export Assistance Centers (USEACs): With locations across the country, USEACs teach entrepreneurs about the exporting process. Finding a USEAC near you is easy.
- State Trade Expansion Program (STEP): The STEP program has made it possible for thousands of small businesses to obtain grants, find customers in the international marketplace, learn about exporting, design international marketing products, participate in export trade show exhibits and training workshops, and more.
U.S. exports are a vital piece of the nation’s economy. If you’re considering going global, visit sba.gov/international.