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US seeks to boost small business exports

Published on NewsOK Modified: May 13, 2014 at 9:31 am •  Published: May 13, 2014

WASHINGTON (AP) — Seeking to boost exports, the Obama administration is launching a new initiative aimed at helping small- and medium-sized businesses sell their products in new markets overseas.

The effort, which was being announced Tuesday by Commerce Secretary Penny Pritzker, focuses in part on helping business get capital in a lending market that remains tight and streamlining federal export requirements to make it faster and cheaper for companies to send their goods overseas.

President Barack Obama has made increasing U.S. exports a key part of his economic agenda, with some success. U.S. exports have risen steadily since he took office, totally $2.3 trillion in 2013, according to the Commerce Department. But those still lag well behind Obama's widely touted goal of doubling exports by the end of 2014.

The administration isn't setting any lofty new goals with this new export initiative. Pritzker said in an interview that success for her would simply be "American businesses waking up and realizing that 95 percent of customers are outside the United States."

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