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International Trade
The following is a sample of the wide range of community-based lenders, banks, and crowdfunding sources that the Pace SBDC works with to provide access to small business financing:
Export Financing
Federal Programs
Federal export finance programs are:
1) SBA Export Financing
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Export Express lenders can directly underwrite a loan without getting prior approval from SBA, which allows you to get capital quickly. Loans are typically approved within 36 hours, and can be up to $500,000.
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Export Working Capital loans allow small business owners to apply for loans in advance of finalizing an export sale or contract, giving exporters greater flexibility in negotiating export payment terms. These loans can be up to $5 million, and the turnaround time is usually five to 10 business days.
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International Trade loans help small businesses enter international markets and make investments to compete with other importers. These loans offer a combination of fixed asset, working capital financing, and debt refinancing with SBA’s maximum guaranty of 90% on the total loan amount. The maximum loan is $5 million in total financing.
2) EXIM (Export and Import Bank)
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Export Credit Insurance empowers you to meet, or beat, your competitors by winning new customers and increasing sales to existing buyers. The process is simple: after you’ve agreed to credit terms with your international buyer, you ship the product and invoice them. After you’ve agreed to credit terms with your international buyer, you ship the product and invoice them. Click here for a timeline reference from ExIM.
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Working Capital Loan Guarantee EXIM's Working Capital Loan Guarantee can empower exporters to unlock cash flow to fulfill sales orders and take on new business abroad. With EXIM support, exporters can borrow more with the same collateral, secure performance and bid bonds necessary to win projects, and increase their global competitiveness.
NYS Programs
New York State's Global New York program offers:
1) The Global NY Loan Fund Program offers term loans and lines of credit of up to $500,000 for equipment, inventory, and working capital. The program also extends loans of up to $50,000, interest-free, for distilled and fermented beverage industry businesses.
2) The Global NY Grant Program offers reimbursable grants of up to $25,000 to help companies customize for export markets, participate in trade shows, and undertake product adaptation to meet foreign regulatory requirements; and grants of up to $50,000 to not-for-profit organizations that provide export assistance and trade education to New York State companies.
3) The Global NY State Trade Expansion Program (STEP) offers reimbursable grants of up to $5,000 to qualifying small and medium-sized business for expenses related to participation in trade missions, trade shows exhibitions, export training, website translation, and development of international marketing campaigns. Eligible businesses must operate in New York State and manufacture, assemble and/or distribute a product, or provide an exportable service, be in business for at least one year, and have a product or service for export that contains at least 51% United States content.