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This fiscal year for the first time, the Export-Import Bank of the United States (Ex-Im Bank) has set an all-time single-year record of more than $500 million in export financing for minority-owned and woman-owned businesses in the United States. The Bank’s financing has supported more than 400 transactions and an estimated 7,000 American jobs across the country.
Ex-Im Bank employs a business-development team devoted exclusively to assisting minority-owned and woman-owned businesses. The team provides resources on how to access global markets and use Ex-Im’s export financing to break into or expand export sales.
Sub-Saharan Africa is a continent of opportunities for U.S. businesses with overall projected growth rates of approximately six percent in 2012 – some of the highest in the world. In looking at the world’s ten fastest growing economies from 2001 – 2010, six were in Africa. This trend accelerates in 2011-2015 with seven of the ten world’s fastest growing economies being in Africa. In the World Bank’s Doing Business 2012: Doing Business in a More Transparent World an impressive 36 out of 46 economies in Sub-Saharan Africa improved business regulations this year – a record number since 2005. Of the economies that improved the most in the ease of doing business in 2010/2011, with improvements in three or more areas of regulation measured by Doing Business, four of the twelve are Sub-Saharan African countries.
Kimberly Marcus Joins MBDA as Associate Director for Legislative, Education & Intergovernmental Affairs
Mrs. Kimberly Marcus has joined the senior leadership team of MBDA as Associate Director for Legislative, Education and Intergovernmental Affairs. In this role, Mrs. Marcus will serve as the principal advisor on legislative and intergovernmental issues. She will also oversee the Agency’s relationships with federal, state and local elected officials and its advocacy and outreach strategies.
“Kimberly Marcus is well-suited for this position in light of her experience in corporate and community relations with a special emphasis on economic development and diversity. Her first-hand knowledge of the trials, tribulations and successes of being a business owner will also add to her effectiveness,” stated Hinson. “I am delighted Kimberly is going to share her talents with MBDA and look forward to her contributions.”
Prior to this appointment, Mrs. Marcus was National African American Outreach Director for the Democratic National Committee (DNC) where she worked diligently within the African American community to emphasize the importance of the African American vote. Marcus has also worked for the Rainbow PUSH Coalition, serving as Executive Director of its Public Policy Institute’s Government Relations office; and for the NAACP as Director of Economic Development. Even when Mrs. Marcus worked in the private sector at Strategic Research Institute and Bank of America, she was a champion for minorities and employees.
US-Colombia FTA will increase opportunities for American exporters and create American jobs
This summer, the United States Department of Commerce, in conjunction with the State Department, held a webinar that outlined the US-Colombia Free Trade Agreement (FTA) and explained what this historical agreement would mean to businesses in the United States.
Over 200 businesses registered for this webinar and had the opportunity to have their questions answered directly by the Ambassador to Colombia Michael McKinley, National Deputy Director of the Minority Business Development Agency, Alejandra Y. Castillo, and Michael Masserman, Executive Director for Export Policy, Promotion and Strategy at the International Trade Association. To help advance President Obama’s National Export Initiative, the presenters educated export-ready business owners about the potential of the U.S.–Colombia Free Trade Agreement. This Free Trade Agreement has massive potential for American business, as this new agreement could increase U.S. exports by $1.1 billion.
Why should American businesses (especially small ones!) care about exporting? Because through exports a company of any size can increase their sales, enter previously untapped markets, and strengthen the financial stability of their company. Most importantly, exporting is one of the key methods for putting Americans back to work. This is especially true for minority-owned businesses that are exploring other ways to employ American workers. Minority-owned businesses have a competitive advantage in global trade based on their cultural ties, language skills and nimbleness.
The 2007 Survey of Business Owners reveals that among firms with export sales representing 20 percent or more of their overall receipts, minority-owned businesses are twice as likely to export compared to non-minority firms. In addition, minority firms are more than three times as likely to have businesses generating 100 percent of all their sales in exports compared to non-minority respondent firms. This finding is quite substantial because it supports the Administration’s goal to double the nation’s exports by the end of 2014.
An online application that allows businesses to compare themselves to their competitors, locate their competition, customers, and suppliers, and find the best places to advertise and their developer team of four won the Commerce Department’s first prize and $5,000 in the nationwide Commerce Business Apps Challenge sponsored by the U.S. Department of Commerce. The winning apps use at least one Department of Commerce data set that assists businesses and/or improves the service delivery of Business.USA.gov to the business community. BusinessUSA is a centralized, one-stop platform to make it easier than ever for businesses to access services to help them grow and hire. All of these winners equip businesses with tools to be more competitive around the world, while creating jobs here at home.
The First Place winner, SizeUp, is a business intelligence tool that uses data from hundreds of sources including the Census Bureau, U.S. Patent and Trademark Office, the Bureau of Economic Analysis, IRS records, county courthouse filings, Yellow Pages and White Pages, business publications, the U.S. Postal Service, and corporate annual reports to provide a comprehensive overview to small- and medium-sized business about their competitiveness and where to find resources to improve. This will improve the success of small businesses so they can prosper and create new jobs.