SBA partners with BAFT in favor of small exporting companies
The agreement supports businesses of this type, thus lowering the barriers to accessing capital.
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Isabel Casillas Guzmán, administrator of the Small Business Administration (SBA), recently announced the formalization of this strategic alliance through the signing of the Strategic Alliance Memorandum (SAM) with the Bankers Association for Finance and Trade (BAFT), the leading global financial services association for international transaction banking.
SBA’s new agreement with BAFT recognizes the impact and ingenuity of our small business exporters and the important role our lending partners play in funding their growth.
Financial education and access to capital
According to the administrator's announcement, together, the SBA and BAFT will work to educate small businesses and their lenders about the export financing solutions available on the market, thus addressing the challenges they face when seeking trade financing that is essential for international trading.
“Financing is an important element in helping small businesses expand their customer base internationally and has been a persistent challenge. SBA is helping to ease that challenge, and with the leverage of the global BAFT network, we hope to collectively make a positive difference,” said Tod Burwell, president and CEO of BAFT.
NEW: SBA has signed a Strategic Alliance Memorandum with @BAFT to help educate small businesses and lenders on the export financing solutions available in the marketplace.— SBA (@SBAgov) December 14, 2022
Learn more: https://t.co/hMWMVAAMPe
Explore #smallbiz trade resources: https://t.co/dQaa2n7fob
Support for small exporters
The SBA, through its Office of International Trade, advances efforts to provide support to small and medium-sized exporters with the aim of increasing both the number of companies that export and the dollar value of those exports.
This work is accomplished through programs that provide access to education and technical assistance, as well as access to capital and trade policy outreach to support market access for small businesses.
For its part, BAFT operates as a global forum for analysis, discussion and advocacy of international financial services, while assisting members active in trade finance, supply chain finance, credit insurance, credit and export credits.
In addition to tracking strategic developments in global trade policy, BAFT provides practical guidance documents and tools including standardized legal documentation, as well as a discussion forum on current trade finance challenges.
“Our joint efforts to increase resources to BAFT members and grow the number of lenders offering SBA international trade products will expand access to capital. By doing so, this work helps deliver on the Biden-Harris Administration’s commitment to create opportunities for small businesses, and strengthen our economy for all of us,” added Casillas Guzmán.