SBA International Trade Loans
Get Ready to Expand Into Interglobal Sales
As a small business owner, one of your primary priorities is growing year-after-year. With more than 95% of consumers living outside of the US, it makes good business sense to make this priority a reality by reaching out to external markets. If you’re ready to expand your business or change your position in the face of import competition, an SBA loan may be just the resource you need. The SBA lenders at Texas Gulf Bank have the knowledge and experience to help you meet every requirement and understand the intricacies of obtaining an SBA loan. You have a partner in our team to support your vision for growth.
The Facts About International Trade Loans
Small US businesses that want to grow globally, or want to overcome import competition, have a resource in the Small Business Administration (SBA). The SBA has resources and community partners that help small businesses get counseling and find buyers in international markets. The SBA also provides financial support to small businesses in the way of International Trade Loans (ITL).
While the SBA and its partners prepare you to expand into new markets, we at Texas Gulf Bank can help you secure an SBA International Trade Loan. International Trade Loans provide small businesses export financing options that help them enter the international export market and, in the face of adverse import competition, make investments to compete overseas. This support is not limited to new export businesses. Rather, it helps any small business with its international presence — whether it wants to expand or enhance its competitive position.
Small businesses can use this type of loan for fixed assets (like equipment and machinery,) working capital or debt refinancing. The ITL program allows loans up to $5 million, subject to SBA eligibility and the bank’s underwriting guidelines.
Applying for an ITL
Like with most SBA loans, an applicant business must fulfill certain criteria and provide specific information. Among other things, an applicant must:
- Meet the SBA’s eligibility standard 7(a) Loan program requirements, which include business size and business type qualifications.
- Provide either a plan for expansion or development of export markets or proof that a business is adversely affected by import competition.
- Demonstrate that a loan will improve an applicant’s competitive position.
SBA lenders at Texas Gulf Bank are your primary support in applying for and obtaining your SBA International Trade Loan. These professionals can help you determine if your business is eligible for ITL financing, and instruct you on next steps to access this type of loan. Before you stop in to meet with your lender, it is advisable to come prepared with all of the documents and information required to apply. This information can be found on the SBA’s loan application checklist by CLICKING HERE.