US seeks to boost small business exports

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Associated Press

Posted on May 13, 2014 at 8:02 AM

Updated Tuesday, May 13 at 8:08 AM

WASHINGTON (AP) — The Obama administration is launching a new initiative aimed at helping small- and medium-sized businesses export their products.

The effort is being announced Tuesday by Commerce Secretary Penny Pritzker. It focuses in part on helping business get capital in a lending market that remains tight and streamlining federal export requirements to make it faster and cheaper for companies to send their goods overseas.

President Barack Obama has made increasing U.S. exports a key part of his economic agenda, with some success. U.S. exports have risen steadily since he took office, totally $2.3 trillion in 2013, according to the Commerce Department.

Still, the Commerce Department says less than 5 percent of U.S. companies are selling their products overseas and more than half of those are only selling to one market.

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