|
Release Date: March 22, 2012
|
Contact: Hayley Meadvin (202) 205-6948
|
|
Release Number: 12-12
|
Internet Address: http://www.sba.gov/news
|
Supplier Connection, created by the IBM Foundation, is part
of the Obama Administration’s American Supplier Initiative and is designed to
help bridge the gap between small, nimble businesses looking for new
opportunities and large corporations looking for innovative new ideas and
diversity in their supply chains.
“The American Supplier Initiative is part of a comprehensive
solution to grow small businesses, create jobs and to ensure that America has a
strong, deep and diverse supply chain,” said SBA Administrator Karen
Mills. “While it is clear that becoming a corporate supplier can lead to
business growth, breaking in can be a challenge for small businesses. The
Supplier Connection will be one tool to help small businesses connect with
corporate buyers. Tools like this help to ensure that more small businesses
are part of commercial supply chains, which adds additional revenue
streams. This is a proven formula for job creation.”
Mills today sent letters about Supplier Connection, a new
tool to help small businesses access private sector supply chains, to more than
50,000 small businesses that currently participate in small business federal
procurement programs. Studies have shown that small businesses that are
part of large corporations’ supply chains experience increased revenues and
employment. SBA is committed to helping small businesses identify new
tools and resources to become part of these supply chains.
Supplier Connection is a free, online portal created by the
IBM Foundation that allows small businesses to send information about their
products and services to 15 large private sector companies. The 15
companies participating in Supplier Connection are: AMD, AT&T, Bank of
America, Caterpillar, Citi Group, Dell, Facebook, IBM, JP Morgan Chase, John
Deere, Kellogg’s, Office Depot, Pfizer, UPS and Wells Fargo. Together,
these 15 companies have a combined purchasing power of $300 billion and now
they will have full access to the profiles of small businesses that have
registered for Supplier Connection.
The American Supplier Initiative is a call-to-action to the
private sector to invest in their supply chains through small businesses.
The initiative aims to address four key areas in which small business need help
in order to become successful suppliers in the private sector: access to
mentorship and counseling services, increased market and revenue opportunities,
ready sources of capital to fund their growth, and a highly skilled workforce.
To date, several American Supplier Initiative announcements
have already been made:
• SBA’s International Trade Loan
expansion – This program provides small businesses with capital to finance
their fixed assets, including real estate, and working capital needs. This
program offers private lenders a 90 percent guarantee on loans up to $5 million
as an incentive to encourage lending to growing small businesses. Small
businesses may use the ITL program to on-shore and help bring jobs back to the
U.S.
• Export-Import Bank’s Global
Credit Express Product – This product is specially designed to deliver
short-term working capital loans directly to creditworthy small business
exporters. Through this new program, exporters may be eligible for a 6- or
12-month revolving line of credit of up to $500,000.
• CAPLines – SBA’s CAPLines program
was recently revamped to help small businesses meet their short-term and
cyclical working capital needs.
Identifying ways to strengthen small and medium-sized
manufacturers is a priority for the administration and additional announcements
under the American Supplier Initiative are expected to be rolled out in the
coming weeks and months.
For more information on Supplier Connection, please visit: https://www.supplier-connection.net.
