RALEIGH, SGRToday.com - Small businesses looking to sell their products and services in the international marketplace have yet another oppportunity, thanks to a new U.S.-Korea trade agreement.
Small Business Adminstration Administrator Karen Mills writes on the agency's website that an additional $10 billion in annual exports are expected, and that tariff cuts will support 70,000 U.S. jobs.
"There are several provisions that benefit small businesses," Mills writes. "For example, the agreement expands U.S. firms’ access to the $100 billion Korean government procurement market, ensuring that U.S. firms will get to bid on contracts on a level playing field. At the same time, the agreement preserves government procurement rules that benefit U.S. small businesses, for example in bidding on Department of Defense procurement, for which small businesses will continue to receive the same treatment they have in other agreements."
Mills also writes about available SBA assistance.
"SBA has a variety of programs and initiatives in place that will help these ambitious small business owners take advantage of the new market, scale up and create jobs. Many small businesses benefit from our International Trade Loans, or Export Express and Export Working Capital programs. American small businesses that shipped to Korea were supported last year by almost $40 million in loan guarantees under these programs."
The agreement took effect March 15 and is part of the National Export Initiative.
For more information, visit sba.gov.