U.S. Export-Import Bank has launched an initiative called Global Access for Small Business that aims to increase exports by boosting small business loans to $6 billion in 2011 and $9 billion by 2015.
By 2015, Ex-Im plans to open up lending to 5,000 small businesses. It provided $5 billion to small businesses last year. However, its renewed efforts fall under the Obama administration's push to increase jobs throughout the country by doubling exports over the next four years.
"We can't grow our economy without growing export sales, and we can't grow our export sales without small businesses," said Ex-Im Bank chairman and president Fred Hochberg. "The demand exists for their products and services, but many companies are wary of international sales."
In 2011, the Obama administration is targeting small businesses in an effort to boost the economy. With this latest initiative, Ex-Im Bank will bring resources to small companies that need assistance by offering tools, financing, training and connections.
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