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Export-Import Bank announces plan to double small business exports
By SONIA PARKER
Posted: 1/14/2011 4:16:53 PM

As part of a push by the Obama administration to double exports by 2015, the Export-Import Bank of the United States announced Thursday that it is rolling out a new initiative aimed at helping more than 5,000 small businesses become exporting enterprises.

The Global Access for Small Business campaign is being supported by a number of government bodies including the Chamber of Commerce and the Small Business Administration, as well as a number of private banks and organizations including the National Association of Manufacturers, HSBC Bank USA, PNC, Wells Fargo and Bank of America Merrill Lynch.

"For our economy to grow, we need more American small businesses to become exporters," stated Ex-Im Bank chairman and president Fred P. Hochberg. "The demand exists for their products and services, but many companies are wary of international sales. Global Access provides financing tools to minimize the risk of exporting so more American small businesses can grow their companies and create new jobs."

One of Global Access' goals involves a concrete plan to double small business exports from $4.5 billion to $9 billion by 2015, add 5,000 small companies to the bank's portfolio and approve more than $30 billion in transactions.


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