"Giving small businesses the tools they need to export their goods and services and create jobs is an important part of our core mission," said SBA Administrator Karen Mills.
San Francisco, CA (PRWEB) November 07, 2012
In the past 12 months, the U.S. Small Business Administration (SBA) has provided in excess of $923 million in loans to small business exporters. These small companies, which produce and sell $1.7 billion in goods here in the U.S. for sale to foreign companies, have been assisted greatly by the growing numbers of SBA loans being made available to them. Sunovis Financial, which specializes in SBA lending and assisting small businesses, is encouraged by this growth to U.S. small business exporters.
The loans are being made as part of the SBA’s International Trade Loan Program , which provides financing to small business in order to purchase new equipment or expand their manufacturing capabilities in support of export driven sales. Small businesses can become eligible for this loan program through selling directly to the foreign companies or by working with export management brokers who handle the international sales on their behalf.
"Giving small businesses the tools they need to export their goods and services and create jobs is an important part of our core mission," said SBA Administrator Karen Mills. "Exporting is creating opportunities for small businesses to create good-paying jobs and provide economic benefits to local communities nationwide."
Small businesses can get loans with 90 percent SBA guaranty for up to $5 million dollars through the International Trade Loan Program, which has recently been revamped to make it more attractive to borrowers. Since the changes, the loan program has seen a 106 percent increase in the number of loans guaranteed and a 207 percent increase in the total dollar volume of loans. Borrowers are permitted to use the loan proceeds to purchase equipment and real estate, to expand current manufacturing capacity, as working capital, or to refinance current debt. Borrowers are also required to meet SBA 7(a) Loan Program eligibility requirements as well as being able to show that the loan will help them expand or develop an export market for their product.
The SBA began actively promoting the International Trade Loans in 2010 via a series of conferences and matchmaking events geared towards exporters. Since 2009, this SBA loan program has guaranteed 6,100 loans to small businesses, with a total value of $3.1 billion. These loans have supported over $6 billion in export sales during that time period.
To get more information about SBA loans and assistance, small businesses can turn to a company like Sunovis Financial for assistance.
About Sunovis Financial
Sunovis Financial assists small businesses with lending needs and guidance. The mission of the company is to help rebuild the US economy, one business and one loan at a time.