The U.S. Small Business Administration (SBA) has signed the Strategic Alliance Memorandum (SAM) with the International Trade & Forfaiting Association (ITFA). The two organizations will work to educate exporters and lenders on financing methods and risk mitigation solutions necessary to facilitate global trade.
ITFA is a global trade association representing the interests of banks, financial institutions, and service providers involved in trade risk and asset origination and distribution, formalizing the SBA’s existing relationship with the association.
“SBA’s new agreement with ITFA aims to build capacity for exporting through education and technical training for both lenders and small businesses. Based on the findings of the SBA’s Total Addressable Market Study published earlier this year, we know there are over 1.3 million small business exporters with a potential export market of 2.6 million. Partnerships with organizations such as ITFA play a key role in supporting these globally minded businesses, said Associate Administrator of SBA’s Office of International Trade Gabriel Esparza. “Our joint efforts will leverage the thought leaders in both the SBA and ITFA to grow support for export finance. By doing so, this partnership helps deliver on the Biden-Harris Administration’s commitment to create opportunities for small businesses and strengthen our economy for all of us.”
“This milestone joint effort opens doors to immense opportunities, offering greater access to education and global resources for Small and Medium Sized Enterprises (SMEs) in the US, which may be unaware of alternatives to better manage their credit risks and satisfy their credit needs with the help of our members from around the world,” said Sean Edwards, ITFA chairman. “By leveraging our combined efforts, we are propelling economic growth and creating a thriving ecosystem that benefits both our members and the SMEs they serve. Together, we will forge new paths, unlock fresh avenues of collaboration, and usher in a new perspective for SMEs looking to expand globally.”
Through its Office of International Trade, the SBA works to support small and midsized exporters with the goal of increasing both the number of businesses exporting and the dollar value of those exports. This work is done across the Agency by offering access to education and technical assistance, access to capital, and trade policy to support market access for small businesses.
To access more business news, visit NJB News Now.Related Articles: