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The world could be your small business oyster. Export-import bank loans to U.S. companies to finance sales of American goods internationally have increased.
Between October and January alone, the Export-Import Bank of the United States has increased small-business export financing to $1.5 billion, from $1.4 billion in the same period last year, reports The Wall Street Journal.
Why consider selling products outside the U.S.? Because 95% of your potential customers live outside the United States, reports USA Today.
You owe it to your business and yourself to check out the National Export Initiative, created by executive order in 2010. Just go to export.gov and see what the Dept. of Commerce can do to help with small business export financing.
Meanwhile, an opportunity opens for small business as the dollar drops relative to foreign currencies. Historically, the U.S. manufacturing sector produces more jobs, and sells more goods, when a weak dollar makes U.S.-made goods and services cheaper on world markets, reports Bloomberg Businessweek.
So exports are one sector where a weak dollar actually helps business grow.
In unique economic times, small business should never forget that offshore lies an enormous customer base.
Hey, the other guys sell stuff to us. Why not make it a two-way street? And with ex-im bank credit increasing, a piece of the export pie is waiting for small firms across America. The Export-Import Bank's credit facilities just make financing transactions that much easier.