Third Way Supports Rep. Cheri Bustos’ Export Legislation to Increase Support for Small- and Medium-Sized Businesses
April 29, 2016
WASHINGTON—Clearly, large companies with thousands of workers and offices across the globe have the resources and expertise needed to export their products. But in the digital age, small businesses should have easy access to foreign markets as well. Yet they don’t—less than a quarter of goods-producers in the U.S. currently sell outside the country. That’s why Third Way is strongly supporting new legislation by Representative Cheri Bustos (D-IL) that would give small businesses a helping hand in moving their goods and services abroad.
“Foreign market opportunities are booming thanks to a growing global middle class,” said Gabe Horwitz, Vice President for the Economic Program at Third Way. “But too many U.S. small businesses don’t know how to access these new customers. Representative Cheri Bustos has shown tremendous vision and leadership on this issue by modernizing government to ensure that American small and medium-sized businesses have the resources they need to succeed in a vastly new economy.”
The Boosting America’s Exports Act will direct the U.S. Commercial Service to specifically identify and assist non-exporting businesses, provide additional resources to help small and medium-sized businesses access foreign markets, and direct the Undersecretary of International Trade to optimize the locations of domestic offices to improve outreach to businesses. Together, these actions will help thousands of small businesses tap into foreign markets and create jobs for American workers.
Only 300,000 American companies are known to be exporters of goods, according to the most recent Census data—less than a quarter of the goods-producing companies in the country. More needs to be done to help the thousands of U.S. businesses reach foreign customers and compete on a global scale. One study found that there are between 25,000 and 80,000 small- and medium-sized firms in the manufacturing sector alone that are not fully maximizing their exporting potential. The Boosting America’s Exports Act will address just that—helping upgrade government resources and growing American small businesses.
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