You may think that being able to access foreign markets is only for large companies with years of export experience. However, this is definitely not the case. It’s widely known that if your business only targets customers within the U.S., you are missing out on 95 percent of the potential customers which exist globally. That is a huge sales opportunity being left untapped if you don’t export!
Every day foreign export markets continue to expand in their size and diversity, meaning the export opportunity is growing every day. Thus, the opportunities to grow your business continue to increase through exporting. Whether you export goods such as cement mixers, automobile accessories or food products; or rather if you are a service provider, there are a number of opportunities to expand your business through exports. According to the Department of Commerce, businesses both large and small have helped U.S. exports to markets such as Mexico, China and Saudi Arabia more than double in just ten years. Now is the time to take advantage of this growth if you aren’t already doing so.
It may seem daunting and you may not know where, or how to start. However, there are many U.S. government agencies which can offer help, guidance and assistance regardless of how big your business is, or whether you are exporting yet or not. The Department of Commerce offers their Gold Key Matching Service, which hand picks potential partners (buyers and distributors alike) in foreign markets for your business; while the Small Business Administration can help you obtain financial assistance to grow your business through its export working capital program, which offers a 90% guarantee to lenders on loans of up to USD 5 million.
Here at EXIM Bank, we can help too! Our export-credit insurance offers you the protection against foreign buyer nonrepayment, and the peace of mind to extend credit terms to your foreign buyers, terms which can often make the difference in winning the deal or not. Moreover, we work with your commercial bank through our working capital loan guarantees to enable you to obtain the capital required to service your export sales.
Sound good? Still have questions? We’re here to help you every step of the way. Request a free consultation with your local EXIM Trade Finance Specialist today: