Equinox: GA Small Business Exporter of the Year
Monday, May 10th, 2010
On May 5, Mark Grimaldi, president of Equinox Chemicals LLC, accepted Georgia’s Small Business Exporter of the Year Award from Terri Denison, director of the Small Business Administration’s Georgia District, at the SBA’s annual awards luncheon in Atlanta.
Equinox was recognized for its growing customer base in more than half a dozen countries including France, Italy, Germany and South Korea. The company specializes in developing organic molecules used in pharmaceuticals, food, flavor, industrial coatings, polymers, alternative fuels and other specialty chemicals.
As Equinox worked to develop international sales over the past seven years, Grimaldi sought support from a number of sources. For example, The International Trade Center operated by the University of Georgia Small Business Development Center helped identify potential buyers outside of the U.S. for four distinct categories of chemicals and provided assistance with international shipping and payment methods. The SBA provided a working capital loan package for $500,000 that enabled Equinox to accept an order from a customer in Korea. In addition, the SBA provided a loan guarantee for a revolving line of credit to help finance the completion of the Korean order.
Resources for small exporters
As a small business exporter, Equinox is on the forefront of a national initiative. According to Denison, President Obama has called on the SBA to help achieve his goal of doubling U.S. exports to $3 trillion within five years. In particular the SBA is providing more access to resources and financing for America’s small business exporters.
The SBA offers a number of programs to help small businesses that are considering exporting including an Export Working Capital Loan Program for loans up to $2 million and an Export Express Loan Program for loans up to $250,000. A new portal on the SBA website called “Take Your Business Global” offers a 120-page “Small Business Guide to Exporting,” a list of local U.S. Export Assistance Centers, an export library and even a new podcast on the SBA’s international trade programs.
Within Georgia, the SBA offers an 18-week training program that covers all aspects of exporting for small firms. Called ExportGA, the program is in its 12th year and is sponsored by the U.S. Export Assistance Center in Atlanta and SunTrust Bank, with the support of the Georgia Small Business Development Center and the SBA.
Reasons to consider exporting
Why the push for more U.S. exports? Denison offers the following statistics:
· More than 95 percent of the world’s population and 66 percent of its purchasing power are outside the U.S.
· Businesses that export are, on average, 22 percent more profitable than non-exporting businesses.
· Workers in jobs supported by merchandise exports typically receive higher wages than the national average.
· For small businesses, exporting represents new markets and increased growth potential.
Currently most small exporters only export to one country – either Canada or Mexico. Denison believes that “exporting is truly the next frontier for small business.”
For more information on Equinox Chemicals, visit www.eqxchem.com More information on the Small Business Administration is available at www.sba.gov and more information on the International Trade Center is available at www.sbdc.uga.edu
