The U.S. Small Business Administration approved nine International Trade Loans in favor of exporters in Puerto Rico and the U.S. Virgin Islands in Fiscal 2012, totaling $880,000, the agency said Monday.
Nationwide, SBA-backed loans to exporters continued to grow during the same 12-month period, reaching more than $923 million, which supported $1.7 billion in small business exports, the agency further noted.
Providing the financial backing for small business exporters is a core mission for SBA, because it helps small businesses create good-paying jobs and provide economic benefits to local communities.
“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.”
SBA has recently revamped its International Trade Loan program, which has seen an upsurge of 106 percent in loans guaranteed and 207 percent in dollar volume. The loan allows small manufacturers to expand their facilities or buy equipment to manufacture products sold internationally, either directly or indirectly through an Export Trading Company or an Export Management Company.
SBA is promoting this “indirect export” model of using an export intermediary, along with other export-related services, training and counseling, through a series of export conferences and matchmaking events hosted by the SBA that began in 2010.
Since 2009, SBA has guaranteed 6,100 loans to small business exporters for over $3.1 billion and supported more than $6 billion in exports.