The government is introducing a new scheme intended at assisting small and medium sized businesses sell their merchandise in the new overseas markets. The scheme, which was being publicized today by Penny Pritzker, the Secretary Of Commerce, focuses in part on assisting business get working capital in a lending industry that remains stringent and rationalizing federal export needs to make it quicker and economical for businesses to send their merchandise overseas.
The US President Barrack Obama has made mounting US exports a major part of his economic program. Since he took the office, the exports have raised progressively in the United States, according to the Commerce Department, almost $2.3 trillion in 2013. However those still hold up well behind Obama’s broadly recommended objective of doubling exports by the end of 2014.
The government is not setting up any skyscraping new objectives with this new initiative of export. In an interview Pritzker said that success for her would just be American businesses waking up and understanding that almost 95% of clients are outside the US”.
The US Department of Commerce says that below 5% of companies in United States are selling their merchandise overseas and half of those companies are selling their merchandise to only one market.
Penny Pritzker, the Secretary Of Commerce also said that one barrier for companies is access to export financing. Under the government’s new initiatives, the fed is developing close ties with groups, such as the Finance, Credit and Worldwide Business Associations, to assist business get more government backed financing, insurance and loan guarantees.
The government is also seeking to rationalize the whole process that companies have to experience with the aim of exporting their merchandise, including developing one electronic platform for completing forms required by many federal agencies. That process is anticipated to be carried out in 2016.