Is the Federal Government Limiting Growth Opportunities for Genuine Small Businesses?

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Small businesses are used to competing against larger companies. They do it every day. But they should not have to compete against those same companies for contracts specifically intended for small businesses.

That could happen under a new rule proposed by the U.S. Small Business Administration (SBA). The proposal would significantly change the standards used to determine which companies qualify as small businesses. In many industries, companies considered mid-sized today would become small businesses tomorrow.

Is the federal government inadvertently limiting growth opportunities for genuine small businesses?

Today in Global Small Business: Pumpkin Export Season Is in Full Swing

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What's affecting me, my clients, my colleagues and other global small business owners:

• Who knew?  The South African pumpkin season is now in full swing at Q-Cape—a Netherlands-based company that has spent the last decade cultivating organic pumpkins and sweet potatoes in South Africa for the European market.
• How this small Australian player in a $600 million industry is changing hundreds of women's lives.
• Quote of the week: "I would rather sit on a pumpkin and have it all to myself, than be crowded on a velvet cushion." – Henry David Thoreau
• "It's my second day here at the SBA," [Kelly] Loeffler [head of SBA] said. "I could not be more excited to be here. So, I thought I'd take a walk. And what I found is that exactly what's been said is true. About 90% of our employees are working from home. Well, that ends Monday with President Trump's order to return to work."
• China sees robust growth in loans to small, micro firms.
• Alabama exports total $26.8 bilion in 2024, reaching over 200 countries.

New York Enables Small Businesses to Expand Their Global Reach through STEP

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The U.S. Small Business Administration (SBA) provided Empire State Development (ESD) nearly $1 million in funding in the latest round of the State Trade Expansion Program (STEP).

STEP connects businesses in New York state to exporting opportunities abroad through grants for qualifying small and medium-sized businesses.

Learn more about how STEP enables small businesses to expand their global reach and competitiveness.

For information on STEP and to apply for funding if you are a business based in New York, click here.

U.S. SBA Awards Washington State a $1 Million STEP Grant to Fuel Exports

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The Washington State Department of Commerce again tops the list of states awarded funding from the U.S. Small Business Administration (SBA) to help state small businesses grow through exporting. Washington’s $1 million State Trade Expansion Program (STEP) grant is the largest awarded from a total $20 million to 49 states in this 11th year of the program.

Read on to learn more.

Building a Global Economy of the Future

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“In Indiana, we’re focused on building a global economy of the future, and our Hoosier entrepreneurs and small businesses will be critical to advancing future-focused innovations and solutions,” said Indiana Secretary of Commerce David Rosenberg. “Indiana ranks in the top 15 states for exporting, and the IN-STEP program aims to build on this momentum, helping more Hoosier small businesses reach customers in international markets and find success in the global economy.”

Learn more about how the Indiana Economic Development Corporation (IEDC) secured $300,000 in competitive grant funding from the U.S. Small Business Administration (SBA) to support the export activities of Hoosier small businesses through the Indiana State Trade and Export Promotion (IN-STEP) grant program.

Expand Your Market Base: Go Global

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If you’re interested in learning more about the SBA’s STEP program, visit their website.  Why?  Because in the case of Delaware and Maryland more than $860,000 is set to be awarded to small businesses to help expand their exports.  It's a superb way to find your next global customer.  On the ground, this funding will be the link to resources that business owners need across the world. 

“To find out number one whose distributors, suppliers, wheres my market base at in those countries? So you can potentially use these funds to cover some of the costs that are associated with actually going that ground game, going to those countries, finding your distributors, finding your market,” said Michelle Harris, the Director of the Small Business Administration Delaware.

Grow and Diversify Revenue Through Exports

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According to SBA, here are approximately 1.3 million U.S.-based small businesses that export products, a nearly five-fold increase over previous estimates.  

The main export products are in manufacturing, medical equipment, wholesale, plastics and chemicals and computer systems design industries.

The full report, "SBA Research Sheds New Light On Small Business Exporters," can be found here.

Facilitating Global Trade, Especially Small Business Exports

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The  U.S. Small Business Administration (SBA) has signed the Strategic Alliance Memorandum (SAM) with the International Trade & Forfaiting Association (ITFA). The two organizations will work to educate exporters and lenders on financing methods and risk mitigation solutions necessary to facilitate global trade.

ITFA is a global trade association representing the interests of banks, financial institutions, and service providers involved in trade risk and asset origination and distribution, formalizing the SBA’s existing relationship with the association.

To learn more, visit here.

Announcing 2023 Export Lender Award Winners by the SBA

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The Export Lender of the Year Awards recognize excellence in export financing. These awards highlight the accomplishments of lenders in delivering SBA’s international finance programs to small businesses, designed to help small businesses develop new markets, finance export transactions, and expand capacity to meet overseas demand.

This year, the SBA’s Office of International Trade selected Regions Bank and Amerant Bank as the 2023 Export Lenders of the Year, and Berkshire Bank as the 2023 International Trade Lender of the Year.

Read more here.

Bingo! New Mexico Business Owners Have Access to $25 Million in SBA Loans

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The nonprofit, state-launched New Mexico Small Business Investment Corp. has a new RBC Impact Fund that will target small businesses with annual revenue up to $7.5 million and less than 500 employees. The loans would be in amounts from $150,000 to $5 million.

For small business New Mexico business owners, another $25 million in Small Business Administration loans is now available to New Mexico small businesses unable to secure traditional bank loans.

The NMSBIC funding is available to any SBA loan lender in New Mexico, but the funding primarily will go to DreamSpring, Lendistr and Capital Impact Partners, which are all Community Development Financial Institution lenders that focus on lending to underserved markets.

Learn more on how New Mexico small businesses can tap into $25 million in SBA loans. 

Go State of Washington on Exports!

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The U.S. Small Business Administration (SBA) has awarded the Washington State Department of Commerce a tenth year of funding to help state small businesses grow through exporting.

The $1.4 million grant to Washington, part of the SBA’s State Trade Expansion Program (STEP), is one of the two largest awarded from a total $20 million to 52 states and territory international trade agencies – Michigan also received $1.4 million.

For information about STEP export vouchers, Go Global or other Commerce programs that help Washington businesses grow, expand and locate in Washington State, please visit ChooseWashington.com.

What Can an Export Grant Out of New Jersey Do For You?

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In the case of New Jersey, USA, the New Jersey Business Action Center (NJBAC) is offering export assistance to small and mid-sized businesses in New Jersey through its NJ STEP program. 

Through the New Jersey State Trade Expansion Program (NJ STEP), which is funded in part through a grant from the U.S. Small Business Administration (SBA), the NJBAC offers an opportunity to help Small Business Enterprises (SBEs) receive financial awards to offset export promotion costs partially.

The benefits of exporting include increased revenue, a diversified revenue stream, and an expansion of product offerings for local preferences.

To learn more about its tools and resources, visit here.

Reversal of Roe v. Wade: Impact on Women Entrepreneurs

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SBA Isabella Casillas Guzman said that last week’s Supreme Court ruling overturning the 1973 Roe v Wade decision would “jeopardize the civil liberties of millions of women.”

One of the greatest impacts will be on women entrepreneurs.

Entrepreneurs and other self-employed individuals attain health insurance through Healthcare.gov and other insurance companies. Some insurance companies cover “reproductive services” but may not cover the costs of an abortion. According to statistics from April 2022, the average cost nationally for an abortion in the first trimester is $600 and in the second trimester, $900. 

Emotions and opinions are strong, with little common ground, as evidenced in Michigan.

Michigan Receives $2,000,000 State Trade Expansion Program STEP Grant

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Michigan received $2 million in federal grant funds to help Michigan small businesses grow in the state through increased access to global markets. The amount is the maximum awarded by the SBA and a $650,000 increase from 2021.  

Managed by the Michigan Economic Development Corporation’s International Trade program, the Michigan STEP grant initiative (MI-STEP) aims to promote job creation by empowering Michigan small- and medium-sized enterprises (SMEs) to export their products, supplying financial assistance awards for eligible export development-related expenses.

The funds are expected to assist more than 350 Michigan companies in increasing international sales.

Read on to learn more.

Today in Global Small Business: SBA's Export Assistance Can Boost Global Small Business Recovery

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What's affecting me, my clients, my colleagues and other global small business owners:

• SBA's export assistance can boost global small business recovery.
• Boosting small business is crucial to a smart recovery.
• British SME manufacturers expect strong post-Covid recovery.
• Quote of the week:  “Maintaining confidence in international trade will be critical to the broader economic recovery in the post-Covid world." – Liz Truss
• These countries are leading the way on a post-pandemic green recovery.
• Small business shipping to the U.S. bounce back.

SBA: National Small Business Week 2020 (Event Is Free of Charge)

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Here's the Agenda for the U.S. Small Business Administration's National Small Business Week that starts today, September 22nd (at 12:30PM ET) and runs until the 24th offering educational presentations and panel discussions that help both new and existing businesses to recover, adapt, and innovate in this challenging time.

Best of all: the event is free of charge.  Register here.

Business As Unusual During the Global Pandemic

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As entrepreneurs deal with industry shutdowns, quarantines and fewer customers, “business as usual” takes on an entirely new meaning during the global pandemic.

Being a small business owner can often feel lonely, carrying the weight of the world, clients and employees on their shoulders. The U.S. Small Business Administration (SBA) and the Alaska Small Business Development Center (SBDC) want one message to ring clear for businesses figuring out a pivot plan: you are not alone.

Learn more how a pivot plan is critical for Alaska small business survival.

Today in Global Small Business: State Trade Expansion Program

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What's affecting me, my clients, my colleagues and other global small business owners:

• SBA announces funding opportunity through the state trade expansion program.
• In The Global SMB Neobanks Report, Business Insider Intelligence explores the key factors driving an explosion of neobank [neobank is a type of direct bank that is 100% digital] activity in the SMB segment and the strategies these upstarts are leveraging to capture shares of this lucrative banking vertical.
• Quote of the week: “What I've seen over my lifetime is that countries that embrace openness, that embrace trade, that embrace diversity are the countries that do exceptional — and the countries that don't, don't." – Apple CEO Tim Cook
• Tariffs will hurt small businesses on Main Street USA.
• The coronavirus continues to move.  More at JAMA network.
• What the USA President Trump impeachment ordeal can tell us about the 2020 election.

Going Global is One of the Best Engines for Driving Business Growth

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Cost, payment risks and logistical challenges have discouraged online businesses from selling to or working with customers from anywhere but their home turf.  Not anymore.  We have entered -- a long time ago thanks to the Internet -- a world of business without borders.

According to SBA, "Nearly 96 percent of consumers live outside the U.S., and two-thirds of the world’s purchasing power is in foreign countries."

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No matter where a business is physically located, expanding sales and operations to international markets is often one of the best engines for driving growth. Website translation and localization, global payment processing and outsourcing are three of the best methods to help a digital business grow beyond its own borders and to embrace the global marketplace.

Read more about tips and tools your startup can use to maximize your international business.

Female Air Force Veteran and Spouse Launch Successful E-Commerce Business