The Small Business Administration has entered into a strategic alliance memorandum with the Bankers Association for Finance and Trade to train and guide small business exporters and lenders on available financing opportunities.
SBA Administrator Isabella Casillas Guzman signed the agreement on Wednesday, attributing the initiative to the Biden administration’s pledge to support small enterprises.
The agency’s Office of International Trade currently provides small and midsized exporters access to capital, education and technical assistance in an aim to boost their products’ dollar value and encourage more companies to trade abroad. The strategic alliance with BAFT is expected to help address challenges in financing related to international trade.
“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,” Guzman said. “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.”