Exporting and International Trade Resources for NY Small Businesses
Want to learn how to sell in international markets? Not sure if exporting is right for your business, or what resources are available to support NY-based small businesses who start exporting? Visit our new and improved International Trade resources page to view the full array of resources available to support exporting businesses in NY and keep reading for a summary of some key programs. For personalized exporting assistance from a NYS-certified business advisor, contact the Pace SBDC to schedule a no-cost, virtual business counseling session.
Learn Why and How Exporting Can Grow Your Business
Nearly two-thirds of the world's customers live outside of the United States, and reaching these potential new customers starts with education about international trade and business planning for exporting.
The Department of Commerce's U.S. Commercial Service engages trade professionals in over 100 U.S. cities and in more than 75 countries help U.S. companies plan, develop, and execute international sales strategies, connect with foreign buyers, and increase sales to new global markets.
SBA Export Services Did you know that nearly 96% of consumers live outside the United States? The SBA Export services provides trade tools and resources to tap into this opportunity.
The SBA also helps support U.S. Export Assistance Centers, which are staffed by professionals with export experience from public and private organizations.
Global New York's Financing Programs
The Global NY Loan Fund Program offers term loans and lines of credit of up to $500,000 for equipment, inventory, and working capital. The program also extends loans of up to $50,000, interest-free, for distilled and fermented beverage industry businesses.
The Global NY Grant Program offers reimbursable grants of up to $25,000 to help companies customize for export markets, participate in trade shows, and undertake product adaptation to meet foreign regulatory requirements.
The Global NY State Trade Expansion Program (STEP) offers reimbursable grants of up to $5,000 to qualifying small and medium-sized business for expenses related to participation in trade missions, trade shows exhibitions, export training, website translation, and development of international marketing campaigns.
Small Business Administration (SBA) Export Financing
Export Express lenders can directly underwrite a loan without getting prior approval from SBA, which allows you to get capital quickly. Loans are typically approved within 36 hours, and can be up to $500,000.
Export Working Capital loans allow small business owners to apply for loans in advance of finalizing an export sale or contract, giving exporters greater flexibility in negotiating export payment terms. These loans can be up to $5 million, and the turnaround time is usually five to 10 business days.
International Trade loans help small businesses enter international markets and make investments to compete with other importers. These loans offer a combination of fixed asset, working capital financing, and debt refinancing with SBA’s maximum guaranty of 90% on the total loan amount. The maximum loan is $5 million in total financing.