Administrators met a discussion board to find ways in which Illinois companies can grow their business. Dick Durbin, United States Senator and Karen Mills, Small Business Administration discussed about the ways to grow businesses by selling to foreign customers.
Approximately $4.1 billion as state tax revenue in 2008 has been generated by Illinois export and this currently supports 539,300 Illinois jobs. Exports need to be effective as far as small businesses are concerned. This is to take advantage of the growth that World markets support, keeping the fact in mind that 95% of the consumers live outside United States. When small businesses operating in Illinois sell more than their produce, they will definitely hire more workers. When more people get employed their spending capacity will increase and hence they will buy goods manufactured by small businesses. This will lead to a faster growth of small businesses. Durbin and Mills discussed about this job-creating cycle so as to get the economy moving.
In the beginning of this year, the president announced the National Export Initiative with the goal to double United States Exports in next five years. The president also urged upon the Small Business Administration to work in tandem with other Departments like Department of Commerce, Department of State, Department of Agriculture and Department of Treasury in order to realize the goal.
The president also remains committed to address improving access to credit. Durbin has also found him central to making the Small Business Administration credit easier for small businesses to access. Being the Chairman of the Appropriations Subcommittee on Financial Services, he has been instrumental in making access to small business credit easier . Durbin has also made it possible to increase the borrowing amount of small businesses, has made it feasible to lend more to small business as guaranteed by the Small Business Administration and at the same time waive loan fees to businesses that borrow.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to