Skip to main content
Advertising

Originally published May 13, 2014 at 10:26 AM | Page modified May 13, 2014 at 11:31 AM

  • Share:
           
  • Comments (0)
  • Print

US seeks to boost small business exports

Seeking to boost exports, the Obama administration is launching a new initiative aimed at helping small- and medium-sized businesses sell their products in new markets overseas.


advertising

WASHINGTON —

Seeking to boost exports, the Obama administration is launching a new initiative aimed at helping small- and medium-sized businesses sell their products in new markets overseas.

The effort, which was being announced Tuesday by Commerce Secretary Penny Pritzker, focuses in part on helping business get capital in a lending market that remains tight and streamlining federal export requirements to make it faster and cheaper for companies to send their goods overseas.

President Barack Obama has made increasing U.S. exports a key part of his economic agenda, with some success. U.S. exports have risen steadily since he took office, totally $2.3 trillion in 2013, according to the Commerce Department. But those still lag well behind Obama's widely touted goal of doubling exports by the end of 2014.

The administration isn't setting any lofty new goals with this new export initiative. Pritzker said in an interview that success for her would simply be "American businesses waking up and realizing that 95 percent of customers are outside the United States."

The Commerce Department says that, despite overhaul exports being up, less than 5 percent of U.S. companies are selling their products overseas and more than half of those are only selling to one market.

Pritzker said one roadblock for some companies is access to export financing. Under the administration's new initiatives, the government is forming partnerships with groups, including the Finance, Credit and International Business Association, to help business get more federally backed loans, loan guarantees and insurance.

The administration is also seeking to streamline the process companies have to go through in order to export their goods, including creating one electronic platform for completing forms required by dozens of federal agencies. That process is expected to be completed in 2016.



Want unlimited access to seattletimes.com? Subscribe now!

News where, when and how you want it

Email Icon

Seattle Sketcher Book

Seattle Sketcher Book

Take home the Seattle Sketcher's latest book! Available now.

Advertising

Advertising

Career Center Blog

Career Center Blog

5 tips for fighting job burnout


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►