SBA Turns 70

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For seven decades, the U.S. Small Business Administration (SBA) has been a driving force behind the success of countless enterprises, from America’s Main Streets to manufacturing centers and innovation hubs, helping entrepreneurs turn good ideas into thriving global small businesses.

Delivering the American dream of business ownership to more Americans – SBA has punched above its weight in advancing American innovation, competition and economic growth.

Let's raise our hands to applaud the SBA and celebrate all of its successes and successes afforded to American entrepreneurs.  When entrepreneurs succeed, our economy and our nation succeeds.

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.

The State of Maine Powers Up for Exports

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State Trade Expansion Program grants from the U.S. Small Business Administration provide funding to increase the number of businesses that export, and are administered in the state by Maine International Trade Center.

The Maine International Trade Center in Portland was awarded $400,000 in federal money to provide small businesses with the information and tools they need to succeed in export-related activities.

"During times of economic uncertainty, diversification of markets remains a sound business strategy, and international business is a key element," the center’s president, Wade Merritt, said in a news release. 

The latest money will allow the center to help Maine companies take advantage of export markets for today and develop new opportunities in the future.

Reducing Poverty Through Global Economic Growth

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The U.S. Small Business Administration and The Millennium Challenge Corporation (MCC) recently signed a Memorandum of Understanding (MOU) to advance emerging technologies and innovations developed through the Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) programs. The MOU will help close nation-specific gaps in sectors like energy, sanitation and health, which are set to be pinpointed, piloted and scaled 

The two aim to collectively advance emerging technologies via their resources and realms—and connect U.S. small business innovators with international markets—under the MOU.

Let's hope this unleashes a country's true innovation potential.

Who Was the Aid (PPP) Intended For?

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The Paycheck Protection Program (PPP) was billed by the U.S. Treasury Department as a way for small businesses with generally fewer than 500 employees to cover overhead, retain employees, and rehire those who had been laid off as a result of the pandemic.

But data released earlier this month by the U.S. Small Business Administration shows large PPP loans were received by District-based companies that have global business interests, pay some of their employees six-figure salaries, and, in certain cases, appear to have other means of raising money. (Precise loan amounts weren’t specified in the data; the SBA reported loan ranges up to $10 million.)

Explore more about how big D.C. companies scooped up pandemic aid intended for small businesses.

Today in Global Small Business: Remembering Americans Who Have Served

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

• Think of Memorial Day not as happy but reflective ... remembering and honoring Americans who have served and thinking about all the families who have sacrificed while their loved ones are deployed. 
• Quote of the week: “Memorial Day isn't just about honoring veterans, its honoring those who lost their lives. Veterans had the fortune of coming home. For us, that's a reminder of when we come home we still have a responsibility to serve. It's a continuation of service that honors our country and those who fell defending it. – Pete Hegseth
• Who knew?  Global helium shortage impacts local small business.
• For a second year in a row, Visa and the U.S. Small Business Administration teamed up to host a hackathon to kick off #SmallBusinessWeek, that took place May 5-11.  They awarded $60K in cash prizes.
• Will artificial intelligence enhance or hack humanity?
• Will 5G technology revolutionize SMEs in India?

Congrats to SBA's National Small Business Week Awardees!

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The head of the U.S. Small Business Administration, Linda McMahon, announced the 2017 National Small Business Week awardees for 16 different categories ranging from exporting, outreach, contracting, lending, disaster recovery to manufacturing and research and development.  Small Business Week is set as the first week in May.

The National Exporter of the Year 2017 award goes to:

Rose Morris, President

Abram's Bed LLC

Dba The Safety Sleeper

Pittsburgh, Pennsylvania

Rose's story goes like this:

I am a loving mother of three children the middle of which is Abram who is on the autism spectrum. Like many other families who have a loved one with special needs, I struggled with finding a good solution to protecting my son at night.  There was no product on the market that could support my son's sleeping issues, night wanderings, temper melt-downs and give us the freedom to be a typical family.

I feared for Abram’s safety and out of that fear, The Safety Sleeper™ was developed.

To learn more about the other awardees, visit here. Congratulations to everyone!  We are proud of your accomplishments.

State Trade Expansion Program Helps Small Businesses Start or Expand Export Activities

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The U.S. Small Business Administration remains committed to ensuring small firms in Colorado and across the U.S. have the tools and resources they need to take their business global.   In this example, they have awarded CO state $186,140 through its State Trade Expansion Program.  Launched in 2011, this program allows 56 U.S. entities to compete for federal matching-fund awards that help small businesses start or expand export activities.

With the help of STEP funds, Gold [Andrew Gold, president and founder of Aircraft Technical Book Co., a small business based in Tabernash, Colorado] attended a trade show in India and engaged online resources in search of new customers and partnerships. Today, the nine-person company is expanding to develop a new certification for aviation and aerospace avionics technicians in the U.S. and in Europe and in turn setting up ATBC to expand to serve a new untapped market.

Read more:  Program helps small firms export on a global scale

Meanwhile, contact the SBA to speak to an export finance manager about the counseling, training and financing opportunities available to help your mall business grow and compete across borders.

Helping America’s Small Businesses Succeed in the Global Marketplace

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What are two initiatives that have a proven track record of success in helping America’s small businesses compete and succeed in the global technology marketplace?

1. Small Business Innovation Research (SBIR)
2. Small Business Technology Transfer (STTR)

Both of these programs are administered by the Small Business Administration (SBA).

Learn more:  Reauthorize key small business programs | The Hill

U.S. Small Business Administration Announces STEP Program Awards for 2014

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SBA announced today that 24 awards will be made to states to support activities to increase exporting by small businesses.  The State Trade and Export Promotion (STEP) Program was appropriated $8 million to award by September 30, 2014.

The STEP program has two objectives: 1) increase the number of small businesses that begin to export and 2) increase the value of exports for small businesses that currently export. 

Learn more here.

For a quick jump to the list of awardees and more information on STEP, visit:
http://www.sba.gov/offices/headquarters/oit/resources/14315

Related articles:

• STEP 101 (3/19/14)
• Take a STEP Up to International Trade (2/26/14)

Work Through the Critical Processes of Exporting

• How to determine your export readiness
• Worksheets for global market research
• Financing information and options
• Customizable export and marketing plan templates

Learn more here.   All brought to you by SBA.

Posted by:  The Global Small Business Blog

Don't Get Bogged Down By the Recession; Instead, Export

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Small businesses make up 97 percent of the country's exporters yet only 1 percent of the nation's small businesses export. This stat was cited by U.S. Sen. Mary Landrieu (D-La.,) last week to demonstrate that exporting offers an opportunity for small businesses to grow even as they are bogged down by the recession.
Landrieu also said, "exporting has become a practical solution for small businesses looking to survive and grow."
Read more about how the Small Business Administration has two key programs designed to help small businesses that export. Go here.

Small Businesses Will Shape Our Future

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Tough times call for smart action. And it's inspiring to see that there is an intelligent program available that identifies small businesses with the greatest potential -- offered with the support of the U.S. Small Business Administration's Emerging 200 (e200) Initiative.

e200 helps small inner-city businesses that have substantial potential for growth connect with high-level training, networking and other resources that can help them succeed. The program was launched in 2007 in Milwaukee and nine other cities. This spring it will be expanded to 15 more.

"Programs like e200 are important because they help people create capacity," says Eric Ness, SBA district director for Wisconsin. "That's something we must do if we're going to be competitive in a global economy."

Small businesses will continue to help shape our future.

Minority Businesses Matter in the Global Marketplace

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The Minority Enterprise Development (MED) Week conference, initially instituted by President Ronald Reagan in 1983, is the largest federally sponsored event held on behalf of minority businesses.

Small businesses can learn about the U.S. Small Business Administration’s International Trade initiatives, including its first-ever International Trade Symposium with the Department of Commerce during this year’s 26th Annual MED Week conference. MED Week is co-hosted by the Department of Commerce’s Minority Business Development Agency and the SBA and will be held on September 3-5, 2008 at the Omni Shoreham Hotel in Washington, D.C.

The theme for this year’s event is: "The Power of Strategic Alliances in the Global Economy." There will be an SBA/MBDA workshop on Free Trade/Export Enforcement entitled: "Small Business Benefits - Free Trade Agreement." The workshop will be held on the afternoon of September 5. For more information, visit MED Week 2008.

Small Businesses Going Global

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Question: Why does the U.S. Small Business Administration, an independent domestic agency of the federal government, have an international trade mission?

Answer: Because doing business internationally is where future growth lies for many small businesses!

Read more here and be sure to get yourself a complimentary online copy of Breaking Into the Trade Game: A Small Business Guide to Exporting.

Separately, but related, be sure to check out our new Globe Tour (right side panel) on our blog!