KeyBank to Pilot Small Business Export Initiative
KeyBank said it has been selected as a partner bank in the pilot program of the U.S. Global Business Solutions (USGBS) initiative.
USGBS is an interagency initiative launched by the Small Business Administration (SBA) to expand the reach of federal government export assistance, with the goal of adding 50,000 small businesses to the nation’s exporter base by 2017.
USGBS will “bundle” U.S. government trade-finance products for lenders and exporters, and the programs/products will be combined into a single menu of options that will be tailored to the exporter’s development. The initiative will make it easier and more cost-effective for exporters to use the programs and products of multiple agencies.
Six federal agencies will be participating in USGBS: Ex-Im Bank, the SBA, the U.S. Department of Agriculture, the U.S. Department of Commerce/International Trade Administration, the U.S. Trade and Development Agency and the Overseas Private Investment Corporation.
“Many small businesses are not aware of their export opportunities, or are wary of the risks navigating global trade. Global Business Solutions makes it more user-friendly for banks and businesses to expand in a global market,” said KeyBank National SBA manager John Moshier. “This new initiative will reduce the complexity of accessing multiple federal government agency resources to provide streamlined access to international experts, financial products, and business services for exporters.”
“By partnering with USGBS, Key can more easily provide small and medium sized businesses with access to the government trade financing tools they need to begin or expand exporting to increase their revenues,” said Denise Shade, senior vice president and head of KeyBank Foreign Exchange and International Banking. “Trade finance is transactional, and USGBS combines products that provide comprehensive business solutions to strengthen the client relationship.”
“This seamless simplified approach for meeting small business exporter needs is exciting for the SBA and its agency and lending partners,” said Dario Gomez, associate administrator for International Trade, U.S. Small Business Administration. “We’re pleased to have such an innovative partner like KeyBank who has risen to the challenge to provide the export financing necessary for small businesses to succeed in the global marketplace.”