U.S. companies with fewer than 20 employees accounted for nearly $32 billion in export sales over the last decade. Despite this encouraging statistic, only 2 percent of small and medium-sized enterprises (SMEs) export, and of those that do, 63 percent export to only one foreign market. These non- or under-exporting SMEs represent an immense, untapped source of future U.S. employment and prosperity.
Numerous surveys have revealed that a critical barrier for small exporters is a lack of information about the export process and limited resources for obtaining the information and documents necessary to conduct business abroad. Although the federal government provides a wealth of market research, programs, and counseling to assist SMEs in all aspects of the export process, this assistance is spread across 19 separate agencies and dozens of web sites.
The International Trade Process Streamlining initiative seeks to make it easier for SMEs to obtain the information and documents needed to conduct business abroad. It will work to enhance Export.gov, the government’s existing on-line portal for small business export assistance information. Specifically, the initiative will:
- Consolidate and integrate the export process on-line under Export.gov, which will include foreign partner matching/verification, export financing and insurance, and consolidated market research.
- Develop on-line applications for export financing, insurance, and loan guarantees offered through the Export-Import Bank and the Foreign Agriculture Service’s Credit Guarantee System.
- Introduce “One-Stop, One Form,” which will reduce the time required for SMEs to fill out export-related forms and paperwork by providing a single on-line form for many export transactions.
International Trade Process Streamlining will create a seamless environment for SMEs to research markets, gather trade leads, and conduct a majority of their export transactions on-line. Moreover, it will provide more timely and accurate export information and result in cost savings for U.S. businesses by reducing the amount of time they spend trying to get information and filling out applications and forms. |