New Funding Program Aims to Bolster Small Business Exports
Small firms and entrepreneurs looking to incorporate a business may be more suited to globalize their operations this year, as an export grant program outlined in last year's Small Business Jobs and Credit Act is set to take off next week.
Beginning March 1, states will be able to apply to the $90 million pilot grant program that seeks to both increase the number of exporting small businesses and raise the value of existing small business exports.
"The global market offers countless opportunities for small business owners who are well positioned to grow their volume and customer base beyond our borders, and in doing so, create good-paying jobs in their local communities," SBA Administrator Karen Mills said in a statement.
The program will be allocated $30 million per year over the next three years and reflects the ongoing mission established by the Obama administration to double U.S. exports by 2015. To hasten this goal, the White House recently sent cabinet members - including Commerce Secretary Gary Locke - to various locations around the country in an effort to encourage small firms to export their goods.