SBA assists New York exporters

12/26/2011

Approximately 70 percent of all U.S. exporters have 20 or fewer employees, according to the SBA's website. In order to assist small business exporters, the agency has devised certain SBA loan programs to expand exporting activities.

One such initiative, the SBA Export Express program, notifies both lenders and businesses within 36 hours of an application of loan guarantee commitments.

The Watertown Daily Times reports that six New York banks familiar with exporting programs have already signed on to participate. This helps exporters because being furtive is integral to securing a commitment.

"When small businesses need a competitive edge quickly, the speed with which the deal can be done can make or break the deal," district director Bernard J. Paprocki told the news source. "Having to go through a process that could take multiple weeks or even months to get approved for a loan or guarantee could result in loss of the additional business."

Being in such close proximity to Canada, New York exporters are likely to use this program to their advantage. Export loans can be used to fund participation in a foreign trade show, finance standby letters of credit and export orders, translate product literature or fund expansions and inventory purchases.