One of the myths about exporting is: “I am too small to go global.” But that’s not true. In fact, nearly 42 percent of all U.S.-based exporters have fewer than 19 employees.
Consider Weldy Lamont Associates , the 11-employee, Chicago-area company that was selected for a $100 million rural electrification project in Senegal. Or there’s Washington, D.C.-based Radius Networks*, a small business whose technology has been embraced by some of the largest multinational companies in the world. Finally, Petra Oil** in Cypress, Texas, is doing business in 37 countries, with fewer than 35 employees.
What do these three companies have in common with 300,000 other small businesses?
- They know that 95 percent of the world’s buying power lies outside of the U.S.
- They made exporting a strategic part of their growth plan.
- They’ve increased the value of their businesses by becoming global players.
Game Changing Strategy for Small Businesses
And what do they have in common with each other? They leveraged the Export-Import Bank of the United States (EXIM) to help them expand their businesses into new markets, while protecting their company’s financial assets and gaining peace of mind. Chris Phillips, President of Sun Surveillance in Spartanburg, South Carolina, calls EXIM "a game changer" when it comes to being successful in international markets.
Whether you are expanding into new markets, increasing the amount of your customers’ credit terms, or exporting for the first time, EXIM has a financial product for most companies. To date in FY22, EXIM has approved authorizations totaling almost $599 million for small business transactions. But don’t just listen to me, hear from your peers to learn from other small businesses how EXIM support helped drive revenue growth even during the challenging environment of the past two years.
And when you’re ready to learn more, contact an EXIM representative for a no-cost consultation about your specific needs. Your exporting journey awaits.
* - Radius Networks insurance is facilitated by EXIM broker Global Insurance Services, LLC
** - Petra Oil insurance is facilitated by EXIM broker Alliant Insurance Services, Inc.