Date: 2016-08-12

NEI/NEXT Priority Objective: Expand Access to Finance for U.S. Exporters

Yuki Fujiyama is a trade finance specialist with the Office of Finance and Insurance Services Industries in the International Trade Administration.  He serves on the Department’s liaison team to the U.S. Export-Import Bank and he is the author of The Trade Finance Guide: A Quick Reference for U.S. Exporters.

The U.S. government is focusing on expanding access to finance for U.S. exporters, especially for small and medium-sized enterprises (SMEs), and their foreign buyers.

On June 30, the U.S. Department of Commerce partnered with a number of local organizations and federal agencies to present The Global Connect: Arlington Trade Finance Seminar at Arlington Economic Development in Northern Virginia.

Expanding access to export financing is one of the five priority objectives under NEI/NEXT, the next phase of the President’s National Export Initiative, a customer-focused initiative to ensure that more American businesses can fully capitalize on markets around the world.

Despite recent improvements in the economy, many U.S. businesses, especially SMEs and minority-owned firms, still face significant challenges in financing their export transactions.  The Arlington seminar helped local SMEs learn ways to overcome such challenges by following NEI/NEXT’s three key trade finance strategies:

* Engage and educate more commercial lenders and private-sector partners on U.S. government export financing and insurance programs.

* Educate more U.S. businesses on how to utilize the government and commercial trade finance resources that can help turn their export opportunities into actual transactions.

* Streamline services provided by U.S. government export financing and promotion agencies.

In addition to these finance strategies, participants also explored:

* getting paid from export sales;

* getting paid in foreign currencies;

* taking advantage of  export assistance resources and U.S. Government export financing programs;

* identifying U.S. export opportunities in Latin America; and,

* finding global business development resources for U.S. Hispanic and Other Minority-Owned Businesses.

With the new knowledge gained from Global Connect Arlington, participants are now more equipped to enter, grow and succeed in global markets!

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