Tips to Get You Started & Begin Exporting
If you are new to exporting, the U.S. Department of Commerce provides an array of services to assist you in the process. The trade promotion arm of the Commerce Department, the U.S. Commercial Service, offers a variety of market research capabilities including market potential reports and company background checks. The Commercial Service, through its International Partner Search program, can identify partners for your business. And if you’re traveling overseas, its Gold Key Matching Service will schedule in-country appointments for you with vetted distributors, agents, salespeople, and other potential stakeholders.
Need Financing for Exporting?
If you have a product or service that the world is trying to get their hands on, great! You will need financing to help achieve all of your exporting goals. There’s just one problem – many U.S. lenders consider financing export-related products too risky, and your local bank might not issue you a loan. The Export-Import Bank of the United States (EXIM) and the Small Business Administration have designed export finance products to empower lenders to take more risk and provide them guarantees of up to 90% on export loans. This gives lenders less risk and a peace of mind.
Here are 4 examples of loans to consider, based on your exporting needs:
- EXIM Working Capital Loan Guarantee
- Export Express Loan
- Export Working Capital Loan
- International Trade Loan
Finalizing the Sale
What if you’ve already identified your buyers and secured financing? But now your foreign buyers want open account credit terms. Can you take that risk if they don’t pay you for your products?
EXIM has several export credit insurance policies that will protect you from unknown trade payment risks, giving you the confidence to grow and enter new markets. Two key benefits of EXIM’s export credit insurance are:
Expanding your U.S.-based company through global channels can be a daunting yet worthwhile decision. Check out EXIM’s success stories about other businesses who have partnered with EXIM to reach new customers around the world.