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May is World Trade Month: SBA recognizes Export Lenders of the Year
In recognition of World Trade Month, the Small Business Administration (SBA) is honouring three banks for their contributions to international trade financing. Regions Bank, Amerant Bank, and Berkshire Bank have been named Export Lenders of the Year for 2023.
SBA Administrator Guzman praised the banks for their work in helping small businesses expand sales into the international marketplace. “Access to capital is key for any business engaged in international trade,” said Gabriel Esparza, Associate Administrator for the Office of International Trade. “We are proud of the role each of these award-winning lending partners plays in supporting export activity.”
The Export Lender of the Year Awards recognize excellence in export financing and highlight the accomplishments of lenders in delivering SBA’s international finance programs to small businesses. These programs are designed to help small businesses develop new markets, finance export transactions, and expand capacity to meet overseas demand.
The SBA maintains a suite of three export loan programs designed to aid small businesses expanding internationally. The Export Working Capital Program (EWCP) is an asset-based credit line that can support both purchase order and receivable financing. The International Trade Loan (ITL) is a 7(a) program that can support export capacity building and the reshoring of production. Finally, the Export Express program is a compliment to the SBA Express program which is positioned to support quick access to small-dollar financing needs.
Small businesses engaged in international trade grow faster, pay higher wages, and have greater economic stability when compared to non-exporters. If you’re interested in starting your international trade journey, the SBA recommends applying for financial assistance from your local State Trade Expansion Program office, securing access to capital through your local Export Finance Manager, or connecting with trade policy resources via the SBA Hotline at 855-722-4877 or international@sba.gov.
For more info, visit the SBA International Trade page.
With the support of SBA’s export loan programs and lending partners, small businesses can successfully trade in global markets, grow, and diversify their revenue, create jobs, compete globally, and continue our nation’s historic economic recovery under President Biden’s leadership.
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